#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