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Speaker 1: Earners. What's up.

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Speaker 2: You ever walk into a small business and everything just

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Speaker 2: works like The checkout is fast, the receipts are digital,

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Speaker 2: tipping is a breeze, and you're out the door before

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Speaker 2: the line even builds. Odds are they're using Square. We

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Speaker 2: love supporting businesses that run on Square because it just

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Speaker 2: feels seamless. Whether it's a local coffee shop, a vendor

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Speaker 2: at a pop up market, or even one of our

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Speaker 2: merch partners, Square makes it easy for them to take payments,

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Speaker 2: manage inventory, and run their business with confidence, all from

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Speaker 2: one simple system. If you're a business owner or even

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Speaker 2: just thinking about launching something soon, Square is hands down

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Speaker 2: one of the best tools out there to help you start, run,

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Speaker 2: and grow. It's not just about payments, it's about giving

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Speaker 2: you time back so you can focus on what matters

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Speaker 2: most Ready. To see how Square can transform your business,

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Speaker 2: visit Square dot com backslash go backslash eyl to learn

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Speaker 2: more that Square dot com backslash, go backslash eyl. Don't wait,

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Speaker 2: don't hesitate. Let's Square handle the back end so you

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Speaker 2: can keep pushing your vision forward. This episode is brought

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Speaker 2: to you by P and C Bank, a lot of

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Speaker 2: people think podcasts about work are boring, and sure, they

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Speaker 2: definitely can be, but understanding of professional's routine shows us

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Speaker 2: how they achieve their success little by little, day after day.

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Speaker 2: It's like banking with P and C Bank. It might

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Speaker 2: seem boring to save, plan and make calculated decisions with

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Speaker 2: your bank, but keeping your money boring is what helps

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Speaker 2: you live or more happily fulfilled life. P and C

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Speaker 2: Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since

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Speaker 2: eighteen sixty five is a service mark of the PNC

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Speaker 2: Financial Service Group, Inc. P and C Bank National Association

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Speaker 2: Member FDIC.

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Speaker 3: All right, let's talk about hiring your children. I know

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Speaker 3: that we've talked about this a lot in terms of

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Speaker 3: like hiring your children, or you guys may see like

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Speaker 3: hiring your children and what that all means, and you

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Speaker 3: know how to really maximize and I love the concept

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Speaker 3: of hiring your children, but I want to allow you, guys,

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Speaker 3: and I want to talk about taking it a step

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Speaker 3: further and really investing in your child's future and making

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Speaker 3: it like a triple tax deduction. So let's talk about

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Speaker 3: hiring your children. Right, So, hiring your children in the

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Speaker 3: year twenty twenty four, you can pay them up to

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Speaker 3: fourteen six hundred dollars. Okay. What you cannot do is

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Speaker 3: you cannot contribute take that money and contribute it towards

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Speaker 3: food and shelter. So you cannot have the work and

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Speaker 3: then say you owe me rent and pay for your

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Speaker 3: own food. You cannot do that, okay. But what you

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Speaker 3: can do with the money is you can pay for

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Speaker 3: extracurricular activities. It's their money. But what you should be

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Speaker 3: considering and what you should be thinking about, is taking

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Speaker 3: it and investing it into a roth IRA. So if

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Speaker 3: you take that money and you invest it into a

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Speaker 3: rock ira, here's how you're able to get a triple

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Speaker 3: tax deduction. One, it's a tax deduction from your business.

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Speaker 3: Then when your child receives the fourteen thousand, six hundred dollars,

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Speaker 3: it is not a tax. It's not taxable. Right, it's

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Speaker 3: not taxable because it's under the standard deduction amount. And

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Speaker 3: then what happens when you invest in the rough ira,

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Speaker 3: it is going to be able to take advantage and

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Speaker 3: take into account compound interest. Right, So now you're building

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Speaker 3: a retirement account and you're able to do that and

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Speaker 3: when it's time to get the money out of that account,

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Speaker 3: it's going to be tax free. So that's why I

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Speaker 3: love the conversation about paying your children, because now it's like,

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Speaker 3: all right, now, let's think about paying your children and

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Speaker 3: taking it a step further versus just saying, okay, it's

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Speaker 3: just a tax deduction. No, let's let's get a triple

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Speaker 3: tax deduction out of this, right, So I think that

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Speaker 3: that I love.

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Speaker 1: Let's let's put a plan.

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Speaker 4: I know you're going to go through like an example

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Speaker 4: for that, but so for parents, like you know, if

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Speaker 4: you have a business, you can pay fourteen thousand, six hundred,

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Speaker 4: fourteen six hundred to year child.

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Speaker 1: So to better fit with that, like you said.

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Speaker 4: Is that if you're going to give your child money anyway,

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Speaker 4: then you might as well give them money and have

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Speaker 4: them as an employee. You don't have to go through

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Speaker 4: all of the like, have them on like officially on

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Speaker 4: a payroll, right, and it's a tax deduction to you

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Speaker 4: as opposed to you just giving them an allowance.

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Speaker 1: Now you don't you don't benefit from that actually be done.

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Speaker 3: Through an LLC, because I get that a lot, and

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Speaker 3: I get that question a lot that should be done

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Speaker 3: through an LLC, not ANX corporation, because if you have

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Speaker 3: ANX corporation, you have to put them on payroll. Right,

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Speaker 3: that has to be done through an LLC.

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Speaker 4: So it's tax reduction to the business, you save money,

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Speaker 4: and then it's tax free income for them. Now they

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Speaker 4: do have to actually be able to perform a job, right, absolutely,

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Speaker 4: that's obvious. Yeah, so, but there is also there's no

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Speaker 4: age requirement, right, it just has to make sense, right, So.

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Speaker 3: There isn't an age requirement. But yeah, like you said,

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Speaker 3: it has to make sense. I typically tell people like

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Speaker 3: try to stay between like seven in seventeen. But if

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Speaker 3: you have a child that's younger and let's say they

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Speaker 3: are able, Let's say, listen, these kids know how to

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Speaker 3: take photos. Now, they know how to work phones, computers,

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Speaker 3: they know. So if you could hire them and have

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Speaker 3: them help you with that, that's great. If they could

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Speaker 3: be a model.

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Speaker 1: But I thought I was going to say a model.

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Speaker 1: If you have a kid, may could be a model.

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Speaker 4: You have a kid that's younger that that's a model,

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Speaker 4: and you could pay them for models and services, because

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Speaker 4: you know what you gotta because there's always there's always

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Speaker 4: somebody that's going to try to figure out how something

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Speaker 4: doesn't work, and.

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Speaker 1: Those are usually people that have never done anything.

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Speaker 4: So it's like, well, you know, technically, you can't have

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Speaker 4: a kid working if they're not working.

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Speaker 1: That's obvious. That's obvious.

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Speaker 4: But it's like you're trying to find ways around to

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Speaker 4: make it not work when it's a workable model, right,

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Speaker 4: Like if you have a child eleven, twelve, thirteen, they're

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Speaker 4: old enough to perform tasks, they can post on social media,

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Speaker 4: they can come with you, they can be an assistant,

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Speaker 4: they can do a variety of different things. Right, it's

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Speaker 4: like you're trying to talk yourself out of this. How

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Speaker 4: this doesn't make sense. It's not difficult to work. That's

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Speaker 4: not a difficult thing to do, and there's a variety

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Speaker 4: of different job that you can do. Now for one year,

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Speaker 4: ROLD is going to be difficult obviously to have them

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Speaker 4: as a computer programmer, that's not something that is beneficial.

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Speaker 4: But like I said, I mean you could pay somebody

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Speaker 4: to be a model at any age really, and the

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Speaker 4: benefit with that as just a regular because you could

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Speaker 4: put money into a ROLD file rate for a regular kid.

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Speaker 4: But that's not if you don't have a business, but

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Speaker 4: they have to actually work a job that's hiring them,

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Speaker 4: and they have to be a working age. So you

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Speaker 4: have to have working papers to work a job like

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Speaker 4: thirteen fourteen something like that, depending on I guess what,

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Speaker 4: depending on what state you are. But you can hire

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Speaker 4: your child at a younger age than that, right, and

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Speaker 4: it's more flexible. They don't have to go to CBS

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Speaker 4: from you know, six o'clock to nine o'clock every night, like,

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Speaker 4: they can just work for you and you can dictate

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Speaker 4: what they do and tell them what to do and now,

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Speaker 4: so they're gaining real life experience from working for you,

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Speaker 4: and you're saving money, they're gaining money.

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Speaker 1: It's a win win situation.

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Speaker 5: An illegal alien from Guatemala charged with raping a child

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Speaker 5: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 5: accused of murdering a Texas. Man of Venezuelan charged with

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Speaker 5: filming and selling child pornography in Michigan. These are just

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Speaker 5: some of the heinous migrant criminals caught because of President

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Speaker 5: Donald J. Trump's leadership. I'm Christy Noman, the United States

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Speaker 5: Secretary of Homeland Security under President Trump, attempted illegal border

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Speaker 5: crossings are at the lowest levels ever recorded, and over

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Speaker 5: one hundred thousand illegal aliens have been arrested. If you

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Speaker 5: are here illegally, your next you will be fined nearly

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Speaker 5: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 5: never return. But if you register using our CBP home

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Speaker 5: app and leave now, you could be allowed to return legally.

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Speaker 5: Do what's right, leave now. Under President Trump, America's laws,

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Speaker 5: order and families will be protected.

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Speaker 1: Sponsored by the United States Department of Homeland Security,