#143: If I pay my kid for work, what regulations apply?
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
- The first question to ask is do you have a business?
- 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.
- We would highly recommend doing this through a payroll system--and pay social security taxes if you should be.
- You PROBABLY legally need to hire them as an employee.
- 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:
- Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
- Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
- Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
- Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow