Paying Your Kids for Tax Savings? Don’t Make This Tax Mistake!

Are you thinking about paying your kids to save on taxes and build their future wealth?In this episode of the Know Your Numbers REI Podcast, CPA Chris McCormack breaks down one of the most talked-about tax strategies today: paying your children and funding a Roth IRA. While it can be powerful, doing it the wrong way could trigger audits, penalties, and major headaches with the IRS.We cover how to legally and ethically apply this strategy, so you can protect your business, maximize tax savings, and set your kids up for long-term financial success.In this episode, you’ll learn:• The REAL rules behind paying your kids in your business• Why most social media tax advice is incomplete (or risky)• How to properly document everything to stay IRS-compliant• What counts as “reasonable” pay and real work• How a custodial Roth IRA can grow tax-free wealth for your children• Common mistakes that could cost you thousands in penaltiesThis isn’t about shortcuts! It’s about doing things the right way.If you’re a business owner, real estate investor, or entrepreneur who wants to save on taxes while staying fully compliant, this episode is for you.Don’t forget to leave a COMMENT, FOLLOW, and SHARE this with someone who needs smarter tax strategies!••••••••••••••••••••••••••••••••••••••••••••➤➤➤ To become a client, schedule a call with our team➤➤ https://www.betterbooksaccounting.co/contact••••••••••••••••••••••••••••••••••••••••••••Connect with Chris McCormack on Social MediaFacebook: https://www.facebook.com/chrismccormackcpaLinkedIn: https://www.linkedin.com/in/chrismccormackcpaInstagram: https://www.instagram.com/chrismccormackcpaJoin our Facebook Group: https://www.facebook.com/groups/6384369318328034→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← https://www.youtube.com/@chrismccormackcpaThe Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.