How to Hire Your Kids In Your business | Tax Strategies

hello everyone how are you this is miss renee and i am super excited to have you here to talk about something that is very important to the notary community right so with that being said um i just wanted to really really touch some of the important things that are very very much so important to myself to our community and to any employee you know i'm saying that works in your business and so as a self-employed person there's so many moving pieces we are our own accountant we are our own bookkeeper we are the label workers we are a lot of different things and one of the things is i want to make sure that you understand that you're not alone and i'm going to continue every week to share some great tips to really make sure that everything is good to go so hi i wanted to introduce you to a woman okay that knows a lot about self-employment tax she knows a lot she has allowed a lot of different million dollars that she had helped her client you know do taxation with so i'm going to let her speak to herself and just talk to us who she is hey everybody how's everybody doing this evening so i wanted to tell you a little bit about my background 20 years of in the tax industry got into the industry because i've always loved math love numbers so it just made sense to go into accounting okay began doing stuff for family and friends and it just exploded from me i became self-employed it's been like 15 years now wouldn't trade it for nothing in the world okay and and in fact it's good we're touching on this topic because back when i was having a lot of clients come to my apartment um my kids were my employees you know so they used to do little things for me greeting the guests serving little light refreshments handing copies all kind of stuff little filing so that's the beauty of this strategy this is definitely a tax strategy which can cut down on some of your tax liability okay what's your name my name guys from new york the k and my name is silent okay i'm in new york but i service clients all over the united states okay excellent excellent so new york y'all hear her accent okay who's going got a new york accent that's what i'm saying okay but yeah absolutely so um tell us a little bit like you're self-employed um how did that start like did you ever work at corporate and why did you become i did i did i did my background was actually in legal i used to be a real estate agent and it's funny that i'm now speaking to notaries my mom is a notary i was going to go into being a notary at once and i've always found it a very interesting industry especially like the loan signing agent because it correlates to real estate and everything so yes yes yes i'm familiar with all of that oh wow great introduction so she's connected to us one way or another you guys and so that's nothing but amazing so i think everybody's just been asking this question why is it so important why is it so important to have kids and write them off have kids go to work like what is the kind of caveat behind that okay so let's let's just touch upon really quick we all know kids are expensive right so we paying for some of us paying for chat on private education clothes um social stuff you know extracurricular activities is money you're going to spend anyway but the key to it is spending it in a smart way so when you pay them as your employee in your business you get to write it off as a deduction they don't have to file a return on it okay the key thing is keeping it uh yep they don't have to file a return on it um but the key thing is keeping it under the threshold so like every year when you hear that term come out standard deduction that's the key number so i think right now we're sitting at like 12 400 something like that if you were to pay them that they had they don't have to file you get a whole 12 000 write-off you got two kids three kids that's you know adding up and especially if you're a high income earner that's the key high income high income earner i'm not going to necessarily say it's a great strategy if you're in a lower income because sometimes certain credits that you're eligible for you can kind of kick yourself out of those if you reduce your taxable income too low so let's kind of if you give us like a huge like bracket more so like range what is like considered the range that maybe you should consult a tax preparer expert on this and like maybe that's not the idea to do so what would be the range like because notaries like on average we make five thousand dollars a month right and max we make ten thousand dollars a month right as loan signing agents right that's what our kind of average is five and then anywhere from five to ten and i always tell them if they're ten thousand go see an accountant okay but what would be the range they they kind of really have to check and be like okay maybe i'm not gonna do this yeah so i would say if you're definitely over six figures even if you're under six figures you could cut you could definitely use a strategist because everyone has different goals you know some people are not really always looking to cut the taxes because if you're trying to get funding if you're interested in other things trying to get a mortgage trying to just do things that you need to show profitability maybe these strategies aren't really for you but if you're someone who's like overpaying them taxes you definitely should work with a strategist if you're over six figures because if you're dealing with a hefty tax bill this is just one of the things by default i think it just makes sense you're teaching your kids entrepreneurship opportunities for entrepreneurship great work ethic and like i said it's money you were spending anyway and the key thing is you don't have to actually hand them the money like you get to control it the key ages is between like 7 and 17. okay so you can control the money you gotta really hand it to them oh okay okay no that's definitely so we have gym number one which is your child does not have to pay money if you pay them less than about 12 400 which is whatever that standard is for that year so you're watching it in you know the previous time 2023 2024 whatever right now in 2021 filing taxes about 12 400 okay and how can you verify that look on the 1040 right there second page is 1040 when it comes to standard deduction for just the individual it'll tell you on the right hand side on the sidebar and i can bring that up too but with that being said that's just kind of like one of the hints but you also brought in um you also brought in something else right what was gym number two he said you said uh you can control the money yes yes yes yes absolutely like i said if you're dealing with private school tuition um child care like all kind of stuff clothing anything recreational activities these things become expensive so you pay your kid you hire your kid you pay your kids and then you're controlling the money to pay for their expenses and you're getting it as a tax deduction it's all legal all legal and then when we sit and think you know some people may say well what can my child do for me in my business a lot like i said i named a few things my kids used to do for me um they can do clerical stuff they can maybe do some social media management just depends on age appropriate stuff they can even clean your home office like whatever it is you know i'm sure you can find something to legitimately say this is what i was paying them and it's all good no absolutely i think that is a really really good fact that you can control the money to pay for your child expenses right so that's one of the purpose of that so i guess that's really really great gems that we kind of started off so if they are really kind of jumping on right now um what is the full summary what you would say overall so the full summary and before i give the full summary i'm gonna give a bonus i just mentioned that 12-4 but you can even add a little bit more because one little strategy i'm getting real secret here set your kids up with a roth ira there's no age limit hit it on it that's updated okay no age limit and i think right now that amount is like 6k right 6 000 so you can dump it there your employee you can dump 6k in that roth ira for them another tax deduction so you really getting like 18 18 000 as a write-off okay so in summary what i was saying is great strategy hire your kids it just makes sense you're spending money for them they're expensive you're spending money anyway and if you're getting an opportunity to teach them about entrepreneurship teach them about work at the great work ethics and you're saving money if you're overpaying them taxes oh okay wow wow let's talk about that so i think you kind of gave a huge gym gym number three but let's kind of dive a little bit deeper we had someone on a couple weeks ago that talked about deferred tax to wealth management so told us a little bit about all the different like roth iras life insurance and things like that so now you're really tying it together okay so one of the things that you're tying together you're saying okay so i can pay my child up to twelve thousand four hundred dollars in 2021 right and then i can control the money and if i don't necessarily have to give because come on i think last time i read it was like cost like twenty thousand dollars just to have a child yeah right that's just like halfway through right absolutely doesn't have kids but um i didn't raise a few okay um so with that being said i say that to say now i can control the money because i know that school year is coming up august right summer school touring different things right and so you're saying i can control the money for those pacific expenses even if i'm fancy and i'll put them in private school right that's right and on top of that i can control the money but then you said dump it into a roth ira an additional 6 000. that's right whatever we always got to pay attention to them thresholds right every year you know the irs announces the maximum contribution so yes when they announce those for the roth ira you as their employer are entitled to dump money in there and increase that right off absolutely all legal all legal wealth strategies well strategies oh wow i love that she said well strategy world strategy okay so how do i like what if i don't have an ira like i don't know i'm a little bit off topic but like what would be the best thing like right now i know it's like towards the end of the year and i haven't really hired my child and i may want to do it like now right yes yes yes absolutely now i believe you have until a few months past the new year i think we get a few extra months so sometimes if you don't get to do them right now before the year end you get a little bit of extra time if you don't have a current account opened up and one thing i want to mention because a lot of people get this term confused they hear the term kitty tax right and have you ever heard that term yes so explain it to the audience yes some people get it confused because they think kitty tax like what we're talking about hiring your kid no kitty tax is it involves something for unearned income which is like interest sometimes you have bank accounts for your kids you have the roth iras they may be getting interest that's where that kitty tax come in at kitty tax has nothing to do with what we're talking about hiring your kid two totally separate things so don't misconstrue the terms okay um so i just wanted to talk about prior you just went over how to open up a roth ira you're going to go over that a little bit but prior to that you're saying kitty tax i don't think everybody understood what you said okay so let's break it down look i know right other people may know but let's break that down kitty tax okay so we have earned income which is what we pay them they're earning that by working for you and then we have unearned income when they're when your kids are receiving interest from accounts that you've opened for them bank accounts savings accounts roth ira investment accounts that's unearned that's where the kitty tax applies anything that's unearned is where the kitty tax applies it does not apply to money they're being paid by you earned income i know it's confusing but that's the best way i could yep break it down earn versus unearned so they know about that because i talk a little bit about ordinary income versus earned income you know passive income and stuff so right they can go a little bit and google that but based off of that like for example we talk about high yield you know savings account right that's unearned income right because you didn't earn it right right but you put your money in that account right and it's saving it's compound interest so if you're creating compound interest that's earned income so you're like hold on i thought i was here for how to hire my child how the heck we get on this miss renee that's really like a tangent no this all plays a part you guys that's right but what we're talking about we're talking about hiring your kid right up to where they don't have to pay right the taxes on the money that you give them to that amount which is twelve thousand four hundred then we're diving a little bit deeper and giving you a secret bonus saying open up a ira that's about ira for them but she's also going a little bit deeper to tell you where you don't get confused and someone's saying you can't do it that's kitty taxing she said this has nothing to do with kitty tax on hiring your child and not paying taxes on the money that you paid your child right so there's a difference between earned income and unearned income that's right absolutely perfectly well said perfectly well said now another thing i see and have heard people get confused with they say well can i just 1099 my kid or do i have to issue a w-2 i want to mention that too how your business is structured plays a key role in that when you're a sole proprietor when you're in llc when you're a partnership from mom and dad mom and dad are the partners you are you do not have to issue any w-2 not necessary but if you have a c corporation or if your llc is being taxed as an s-corp or a c-corp then you do have to issue a w-2 but it's still all good because guess what when you pay them that 12-4 whatever when you file their return by the standard deduction they still gonna be zeroed out of a tax liability anyway now you will have employer taxes on that side that's the other thing i meant to say for those business structures sole proprietorship llc partnership for mom and dad no employer taxes are required but c corp and if your llc is taxed like a c corp or an s corp yes you will have to pay like social security tax medicare and things like that but those are all deductions for you and again they're going to be zeroed out and guess what you can still claim them as a dependent on your return so you getting a double bonus wow this is nothing but amazing i remember not too long ago we had a really awesome conversation with um business structure right we had attorney anderson come in and really talk about like your business structure as a notary right and so having that and um exploring to that she actually went over what is the difference between a dba what is the difference between a s corporation what is the difference between a c corporation and what is s corporation because some people think that a s corporation is an entity it's not an entity it's a tax status right right elect into yeah so you can elect into that so i'll drop the link into the actual uh facebook group to really have people redirect to this because this is very important for people to understand that the myth like so some people like well she just said that we don't have to pay a debt no she didn't she just said we don't have to do no she didn't she said please understand the structure that you currently have and what is applicable to you so in terms she's pretty much saying once again she's saying if you are llc and you just took what the irs defaulted to you which is the sole proprietorship right right from a schedule c then that's just you don't have to right but she's also saying she's also saying this hold on you guys she said if you are an s corporation most of these notaries are not a s corporation but they're learning more about electing into an s corporation being a llc okay just put that they're learning that so they're in the learning right once they get to a net income of it that's right maybe i should tap into you know as corporation or maybe i should tap into you know uh that right and not really doing a c corporation right so my company i'm a signing service i am a c corporation right so with that being said as a c corporation you can still elect so i'm just letting people know that once you go big and you dream big right you can do big things and know some of the information so the whole point of this is just to really educate our community of notaries of not just passing along your taxes to everyone right my account is going to do it are my cva is going to do all my tax strategies going to why am i tax prepared yeah but i promise you you're not having these conversations with them because you are the owner of your company so as owner of your company is super important for you to know what's going on the review process right they do the taxes there's a time before they press that button to e-record or put it in the mail that you should be reviewing so now the question is what type of forms should they be looking at what type of form should they review to make sure that this is going so definitely familiarize yourself with as you mentioned schedule c if they're not it depending on how they're structured most of them as you mentioned probably are not so they're primarily filing schedule c's which hint they're like highly targeted for audited i'm just dropping gems out okay so sometimes you may want to strongly consider converting even for that purpose but back to the topic at hand so schedule c is crucial i actually have a course on schedule c which i think you'll mention later um but it teaches you all about what you should be looking for dropping a lot of wealth not what a lot of jewels and gems that you're probably not going to learn elsewhere not all preparers are prepared the same and not everybody's well equipped which is why you have to work with yourself with the knowledge because i've had people come running to me from situations their preparers cpas enrolled agents and everything else got them into just because the professional was not well versed on all of these types of topics wow said it one more time i think they needed to know that yeah not all tax professionals are created the same and i'm not a cpa you know i i let everyone know up front they're like i don't care because i'm like what's the point the title is not the thing that's going to get you the result you know my background and my clienteles and what i've achieved from my clients speaks for itself so if the person you're going to can't achieve the result you're looking for what's the purpose of the title does it matter you know what i mean it doesn't matter so not all of them are created the same you should definitely be working with someone who's familiar with your industry who's familiar with small business taxes who's familiar with wealth strategies strategies that are going to work for your unique situation that's what i pride myself on because like i said in the beginning it's not always about cutting because everyone has different goals everyone's trying to do different things uh so if sometimes you may need to appear as a profitable business but you need to work with someone who understands how to reach the goals you're looking for that's super crucial okay so it's very important for you guys to go into a schedule c just to study i have shared in some of my previous videos it's important for you to know certain things but let's dive a little bit deeper if you don't mind a schedule c where will they be able to look so if you did their taxes and they wanted to make sure that they opt into the pack part of paying their child where would they see it on their schedules so on the schedule c you're going to look for wage that i believe it's it's um so schedule c kind of has two columns of expenses and then it's going to be in the lower right i want to say just look for wage and you should see a number there if you've discussed them discuss with them that you've hired your child for tax purposes whatever you know so yes look for that yes yes yes pull it up what are we online i want to say yes there we go that's where that's where you should be looking and that's how you'll know if they use that strategy or not okay excellent excellent excellent for those of you that are pretty much looking at that that's where you will see wages right for hiring your child so we went over schedule c's before i just put into the actual live a link where you will be able to see her course and helping you understand what is the scheduling for self-employment and how do you really prepare and understand what is going on remember a schedule c and profit and loss so there is a charter of account when it comes to payroll that you're going to utilize as if you hire somebody into that so that's one of the things that you'll end up seeing so going back to the matter of that that is such a pleasure for you to even just kind of show us tell us and everything like that so i just wanted to bring up the second form real quick if you don't mind to really dive a little bit deeper um and kind of show them just what we're talking about because sometimes it's a really good visual for people to see exactly what are some of the things so when we talk about what is the standard deduction of what you can hire your child it's pretty much the standard deduction which is on the sidebar on the left that total amount that's right that's the number you definitely want to pay attention to every year because it does change even if it goes up by 400 500 it changes every year so that's a number you're always paying attention to okay excellent excellent so let's remove that perfect so with that being said um what can you tap into this if you have two kids is the match still 12 400 for each kit for each kid absolutely absolutely so if you have two we talking about a whole 24k and again if you're over six figures a hundred and something to that alone is already giving you a huge write-off for money that you were going to spend anyway you know some people are giving their kids allowance and this and not to just do chores around the house make it make sense excellent strategizing your business that's so amazing so would you advise write them to i'm an llc and um i have two kids and i want to do this strategy right benefit what i can to the end of the year or even start off fresh next year what would necessarily you tell me right what necessarily would you tell me to do would you automatically say elect into a the tax status as a c corporation before mate i mean march the 15th or would you say you know first year let's just kind of see our net what if i'm new notary like totally new i don't really know how much i'm going to make right and i'm just tapping into this like what can you give us con some milestones yes actually that is where i would start i would want to see what your finances are looking at in terms of your revenue your expenses and i would say it's usually good to start out as llc just as you are um on i'm the term escaping right now but disregard an entity that's right this is not an entity that's cool to start like that i would say good measure and stick is once you kind of find yourself hitting a net of like 40k or better you may want to begin to explore being taxed as an s corp making your llc being taxed as an escort now it does kind of involve a little bit of annoying stuff because you will now be responsible you will be a w-2 employee to your own escort your kids you know whatever so but it's just more it's still a more savings because what you're playing paying on the end of self-employment tax versus what you're going to pay as a s-corp as an llc you will have payroll tax forms and things like that to file but you'll see the cost savings in the dollar for dollar oh wow but i would say yeah 40k or more is when you're netting that that's kind of like when you'd want to begin to think about converting oh wow so i have this okay i'm gonna bring this up someone said i have eight kids is there a limit of the kids over 16 and 17. how many kids can i use at a time listen if your business permits what it is you need for them to do maybe each of those eight kids have different roles that's the key thing right there even do little contracts to keep on file because all of this is really about if you're ever audited you know a lot of people i know they're afraid of this but as long as you're documenting it's all good so it's not really about can you sure you can use oa kids there's no limit if they all have roles and responsibilities with what they can do and let's see like not over okay if they are over 16 or 17 over 18 i would say you may want to pay them you may want to have them file a return in that case under 18 they don't but if they're over 18 you probably need to have them file a return okay so i guess one of the questions that you know some of the people may have is okay i do i do co-parenting so on my taxes i claim my kids for i am the head of the household and i have a dependent but the father actually is the one that has the home-based business can he hire his kids if he's not claiming his kids yes because you don't have to claim the kids just because you're paying your kid i was just giving it as a bonus that it doesn't prevent you from claiming your kid but absolutely absolutely if the dad is the one with the home-based business he can or something you know self-aware business he can claim the kid i mean not claim the kid he can pay the kid all legal writers but you still get to claim your kid on your taxes absolutely right because there are some families like that and i want to make sure that everyone is listening to this that is not the fact of who actually uh writes the kid off right but it's where's the home-based business right that's right wherever the home-based business then you can hire the kid so okay there are some situations where you are the foster parent or the temporary guardian of that child but it's not your biological child can i still hire that child that i yeah because you're still acting as parent right you're still acting as parents so that's that's the whole key thing here you're still acting as parents sure things still apply yes that's an excellent excellent so um do you have anything else for us before we go into q a because my inbox is glowing let me see let me see because i have my notes but so there's so much of this stuff is off the top of my head i don't even really need the notes but i talked about that i talked about that let me just go really quick quick quick um okay show her some love in the chat you guys that you are loving this topic this is something that's not often um and we just wanted to kind of bring you know starting off december uh of year-end clothes to make sure that hmm now i can hire my child for december even though i didn't do it yes you can okay absolutely absolutely so yeah i believe i hit everything that i had made notes about so we're good i'm ready excellent we're gonna dive a little bit deeper so one person said what is example of low income so previously in this conversation you stated something about if it's low income you're probably going to hinder yourself you know so let's think about what is considered low income to you what would you gauge i would say okay we have some people who are on schedule c maybe they make around 30 or 40 000 and how their deductions and everything works they're eligible for some earned income credit now so that's all good and earned income credit is based off of it's not just like a flat rate you get this x amount of dollars depends on so many factors now if you go throwing let's say you're at forty thousand you have two kids now you're writing off uh 12 as well 24. 24 from 40 whatever you know i'm not doing the math in my head but it might kick you too low for earned income credit or if even if you're at 30 and now you're trying it doesn't it wouldn't make sense to write up 24 because it's only gonna leave you with six and what kind of earned income credit are you even gonna get with that so that's what i mean when i say if you're in a low income these strategies really probably wouldn't benefit you okay excellent so in that situation he was able to really articulate that perfect perfect perfect all right let's see what we got cooked up all right so i have another one so they said how and where can i put these deductions when i'm filing we went over that right yes so that's one of the things that we just for those that coming in that will be a schedule c depending on your business structure so if you haven't watched the video already a business structure go ahead and go into that but if you are a single in a single member entity with the irs and you just ask the default or your dba is on your schedule c on line 26 okay so what is the ages of your your kids can be i would say safe ages i say between like 7 and 17 because again depending on what you're having them do it needs to make sense you know the irs knows that you're not paying like your five-year-old 12 000 a year to do x y and z so like safe zone safe age zone i would say from 7 to 17 because that's where we eliminate having to do social security tax medicare tax like it just goes out the window those are safe agents anything 18 and over you probably are looking at those employer responsibilities but again it's still all good because it's still a deduction they will need to file but they're going to zero themselves out anyway of of a liability due to the standard deduction no i love that you said safe agents right um but you can hire your kids um lower than that age because we have seen it on um true i'm not going to say yeah but i love you emphasize saying hey maybe think about this a little bit because we can always get audited right right did you see we are really red flagged right so safe ages i love that concept of what you said so say he just is between 7 and 7 17. yeah excellent excellent yeah and someone put 7 to 17.

excellent that's right that's right okay cool cool cool um we had one that says wow i never knew that um so much uh information right so definitely loving that uh someone said i'm definitely going are you taking on new clients i am i am i am um but i'm not gonna lie i'm i'm i'm not even trying to run i i uh am in very high demand clients all across the united states and i'm usually booked out months ahead but well it's still still definitely in my link when you put up my link i have a form there for new clients to um submit to request to become a client okay i'm putting it right here on the chat for everyone to for us to bring up but it's worth the wait i hear everyone tells me you are worth the wait you are worth the wait so you guys that is some information that i am dropping into the link okay let's continue uh we have um ladies this is great a lot of gyms uh someone said i have three kids i don't know that's right they said apply to a three-year-old so this does apply to a three-year-old but we just went over safe ages okay but you can definitely do that because there's child star actors right so sometimes in the notary business the only thing i can really think of is photos like using them as your models for your images like that where you're like okay your hard-working single mother or your hard-working mother that is marriage and you're all about the family aspect right i know there are like influencers that always put their child into their schools and stuff like that so those are some of the tips that you can definitely do but are you paying them 12 400 at the end of the year right right that's the question right right so and are you going to adjust those numbers right we don't have to take the full 12. you can scale it down you paying a three four year old absolutely absolutely okay we have one right now it says um over the age where i can have to report and generate a 1099 for them that's why i was saying over 18 18 and up 18 and up because with that you do get some bonuses here as well so if you're going to 1099 you're 18 year old or up that's fine they will need to file their own return because that's now considered self-employment to them right but guess what since they're filing with a 1099 they're also entitled to deductions for certain things you know if they maybe you have them paying their own cell phone or if they're some 18 90 year olds 20 year olds have their own car in there so now they're getting write offs from what you paid them yes excellent so then we also have if the child has been performing jobs roles throughout the year can i pay them once a year based on an hourly and job completed since the child is not on w-2 employee okay let's see if the child has been performing jobs roles throughout the year can i pay them once a year yeah sure sure absolutely and it's good that you mention hours and things like that because that wasn't my notes here it's good to just for documentation purposes it's good to track the amount of hours they work for you the kind of roles they did absolutely you could pay them once a year and again you don't have to issue that w-2 don't don't don't complicate it i don't want to complicate it but i also recommend what i don't think we touched on a lot is go look at a job description right and make your own job description so this is for internal records records are important contractual so you're like okay so what type of job descriptions are out there for hiring your child for that right and then you just have it in your files just like how you store your commission your welcome packet all of these different things you're just going to store in your tax file right so if that purpose does come you get audited or anything like that you already have it and it says revised in the little header it was revised in this year right so it's pretty much kind of like giving your child like hey welcome on board right um exactly so it's that type of so one of the things is um if you don't have one and you're already doing it i highly recommend if you just have it internally so that's right you have to just oh my god the iris is here and i just gotta type of something right that one okay be prepared don't be scared i love it be prepared and don't be sad that's it okay i'm gonna take that from you i'm telling you all right she said someone said this is amazing thank you both um a one um informational they love it um they said i miss a little bit of information so can i hire my grandchild under 18 years old so that's a very good question and i'm going to tell you to work around the loophole with that okay now technically because i i like to talk on the record and off the record so on the record no you can't hire grandchildren but here's what you can do you can pay your adult child for whatever services the grandchildren did did because that parent is like overseeing they're like the manager of that child your grandchild so you can pay that adult parent you can 10.99 then whatever and they can use that money to pay the grandchild um and put the money in the roth ira exactly still same strategies and then your adult child who has the grandchild is still going to be entitled to business deductions which one of the deductions is paying the kid out of that 10.99 still a write-off right yes so it's a loophole to paying to paying the grandchild yeah so the grandchild can be paid but you're not going to get the huge tax deduction of what we're talking about right right right what he's getting paid okay yes okay but um for that yes you would have to have a 1099. that doesn't mean that your

business has to be a tax status of the s corporation in order for you to do that you can just be what you are here you just have to give them a 10.99 right absolutely that's the loophole absolutely on the record okay and if they're over 18 then yeah you can 109 your own grandchild of course okay excellent so this being said okay so hold in we didn't talk about this so if you're taking care of your grandchild as the guardian okay and the mother is not really involved or the father's not involved of you raising your grandchild yes you can fully take the 12-14 okay right right right right if you are literally like in the foster you know system or adopted or something like that yes you can so it depends on the stipulation of what that guardianship is okay but if you're saying that no the mother isn't alive she's actually you know he's staying over there all the time and x y and z yeah okay yeah yeah great question okay does your child have to be um have a bank account to show periodically uh deposit into their account not necessarily they should it's good too but not necessarily because the whole thing is like we just talked about those internal records it's more important for the internal records of how they were paid how many hours what type of tasks they did more so than showing periodic deposits in a bank account yeah that's kind of making it too complicated it's more important for the internal records to be on point yes so you can have an excel sheet okay absolutely as we know miss renee love excel but like you said you can make up your own payroll you know um on word um excel sheets a lot of different things so you can have an internal um audit of your own paperwork in terms of just making sure you have your debits and checks so that's one of the things um someone said i need sheep oh that's what i feel someone said um how do you tie the rock tax for the kids and anything to do with the insurance policy writer okay so i definitely don't like to speak about anything i'm not that familiar with so i'm not going to touch upon the insurance policy part i stay in my lane but the roth i will say like i mentioned there's no age limit to open a roth ira and with that i with that roth ira you can be directing that money into investments of your choice maybe you're teaching your kid and educating your kid about investments so that roth ira can be working that money and yeah but the insurance policy writer i'm not too familiar with that so we had an insurance expert on it mr wilson so i recommend you can reach out to him um in regards to that but she's telling you you can go set up a roth ira with your bank okay so if you missed that video it's called deferred tax for notaries wealth management so then he's going to be the plug to make sure you put it all together right but it is possible it is legal but when it comes to being online we only talk about you know our expertise okay right so with that being said um we have her um yeah that's that's probably right yes yes we have her link there she said i'm a dream catcher i need your services what's a dream catcher really great question [Laughter] and i wanted to throw in there that i'm noticing some of i'm guessing i'm gathering that some people are kind of doing their own tax or whatever and that's fine um when they visit my link there is another course i have there how to file taxes as self-employed and that's a really good course and if you get both i have discounts on the site um for cross getting courses but that one is good as well because not only do i drop a whole bonus video with business tax deductions that you probably probably never even knew you could write off that whole course on how to file taxes or self-employment i go into a lot of um a lot of deep level stuff and i make it very easy to understand that's that's one thing i must say is a perk for me i hear that a lot a lot of people tell me you make things sound in a way that i can understand it and that's how my courses are so even if people are out here doing their own taxes or if you have someone filing for you is still good to educate yourself because what i tell everyone is it's fine if you're using a professional but if the professional doesn't know the right questions to ask you or if you don't know what you should be sharing you're gonna get nowhere said that [ __ ] still take my tell them all the time especially with the notorious um self-employment exemption for notary so there's only two people in the world can get self-employment exemption ministers and notaries because public servants a lot of tax preparer they overlooked it they never they don't understand the ideal client is not a notary so therefore they miss on that huge opportunity because self-employment 15.3 percent is going to eat you up alive right but through all of these different things that we're sharing on the marathon notary tax station marathon you're learning different ways of where to store the money instead of giving it to uncle sam okay that's right here what i'm saying instead of storing all the money but you gotta educate you gotta go through these videos you gotta study them right like as you're going to school right to know exactly through that review process okay i made a hundred thousand but i don't want to pay uncle sam all of it so miss renee what can i do i can store my money here i can open up this i can pay my child i can do tax deferment i can open up an insurance pen right i can start my i can do so much right home-based office we just went over that last week right to make sure that everybody misses conception of home base office red tag so these are a lot of different things that we're just getting started right so we got several weeks to go so um that's my tangent but i just put the link in the bio of her self-employment um course too of course um so i'm going to put it on the group chat for the notary gyms too so i just entered that into that okay you guys so i have i'm trying to get to everybody questions my husbands get disability and i have been doing a loan signing agent for one year we have my grandson i have no clue how to file taxes what do i do take her course right that was just what i was about to get in all honesty in all honesty take the course it's gonna explain so much in terms of your husband gives getting disability that's not taxable income so yeah just your loan signing agent income is what's taxable and if you're you're granted right take care of your grandson so yeah so this right here in the prices so let's really talk about this currently right now her prices are so affordable absolutely if you click that link you're gonna be like what yes this is no you're going to be like what absolutely i'm surprised go click that link right then i put in the chat because you're going to you're going to be blown away like hold on what yeah excellent all right let's keep going okay that works i really use the tax bracket wow okay i really used it yeah that tactic okay um we know excel yeah they said thank you so much you're welcome we have the self-employment tax if you go to this link right here you'll be able to see the self-employed tax course okay click the link you'll be surprised of your life it's like black friday sale right or something yeah exactly exactly and that's all year right yeah so we have another question saying my small business has a virtual address uh can it be considered a small base okay so i'm going to tell that person go watch the video that we have um from the gentleman mr tyrone okay he was able to go over all of that so i'll put that link in the bio um for those that want to re look at the link for home based offices but with that being said i think they showed you so much love you did an excellent job my love um it is uh seven o'clock we went for a good amount wow your time california absolutely so i just want to say thank you so much for just coming in showing us you definitely killed it um when it comes to that uh i think that a lot of people are going to come to you the weight will be amazing and while they're waiting they can get educated with these black friday sales that you helped me know right if y'all hear my my my comment go click that link okay yeah also just to let everyone know um this is nothing but amazing that she was able to come on here um and just kind of educate us what is going on how can we better prepare ourselves and everything to that nature um a couple things that are also going on with myself uh we have this upcoming january the 7th notary business taxation class to also prepare you on notary pacific you know tax deduction tax issues and things like that from a notary perspective so i'll drop that link there it's a two-day course is live um not being it's going to be recorded for after but it's a live course that you can engage with um me and my counterpart when it comes to that so we also have that going on um that will be that i put the link in the bio um and then lastly this sunday we will be doing um 12 31 what can i do now right now until 12 21 tax strategist and that's sunday at 10 a.m pacific standard time 1 p.m eastern standard time and i'll drop that link into the actual bio too other than that um thank you what would be some last words what would someone if someone could told you when you started about being a self-employed person what would you take away on this when like when i first started or yes i would say like this is just the best route guys because we really get to live a tax-deductible life you know there's so many things that we get to convert and i think that i don't know i know self-employment isn't for everyone but it can be for everyone and it can definitely bring you potential of unlimited income opportunities for tax strategies and wealth building yes wow so you had it you guys i really appreciate that i am super excited to bring so what do we have next week we have next we we're going over can i write off my card can i write off my mileage do i have to pick two different uh ways of like filing like what is this do i keep all my receipts um what if i don't have my mallet so we're gonna talk about that next week on week four on the notary tax um marathon have a great day and stay safe bye guys

2021-12-11 09:35

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