#143: If I pay my kid for work, what regulations apply?

Season #1

Josh and Amelie discuss whether you can (or should!) formally pay your child so you can open a Roth IRA for them etc.

Top things to think about

  1. The first question to ask is do you have a business?
  2. The child has to do work that's valuable to the business and has to be paid the same as any other employee would be paid.
  3. We would highly recommend doing this through a payroll system--and pay social security taxes if you should be.
  4. You PROBABLY legally need to hire them as an employee.
  5. Don't skimp on paperwork!

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey: