Latest / Earn Your Leisure / Cliff Notes: How to get a tax write-off for giving money to your kids
Transcript
- 0:00Speaker 1: An illegal alien from Guatemala charged with raping a child
- 0:03Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
- 0:07Speaker 1: accused of murdering a Texas man of Venezuelan charged with
- 0:11Speaker 1: filming and selling child pornography in Michigan. These are just
- 0:15Speaker 1: some of the heinous migrant criminals caught because of President
- 0:19Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
- 0:23Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
- 0:28Speaker 1: crossings are at the lowest levels ever recorded, and over
- 0:31Speaker 1: one hundred thousand illegal aliens have been arrested. If you
- 0:35Speaker 1: are here illegally, your next you will be fined nearly
- 0:39Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
- 0:43Speaker 1: never return. But if you register using our CBP home
- 0:46Speaker 1: app and leave now, you could be allowed to return legally.
- 0:50Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
- 0:55Speaker 1: border and families will be protected.
- 0:57Speaker 2: Sponsored by the United States Department of Homeland Security.
- 1:00Speaker 3: I made a post on Instagram that got a lot
- 1:02Speaker 3: of traction two weeks ago. I didn't get a chance
- 1:03Speaker 3: to talk about it last week, but I wanted to just
- 1:05Speaker 3: briefly it as far as so I have had my
- 1:07Speaker 3: son with me in All Star. So this is something
- 1:10Speaker 3: that I wanted to highlight because we made a post
- 1:12Speaker 3: about it. But sometimes when you when you actually make
- 1:15Speaker 3: it a real world it's easier for people to understand
- 1:19Speaker 3: it because it's not just like a hypothetical thing. So
- 1:22Speaker 3: you know, one of the benefits with being an employer
- 1:27Speaker 3: is that you can employ your children.
- 1:31Speaker 2: Right.
- 1:31Speaker 3: This is something that's extremely beneficial because it's like, most
- 1:34Speaker 3: of the time a child can't work. I think you
- 1:36Speaker 3: can't get working papers in most states until you're like
- 1:38Speaker 3: fourteen years So that's one thing, right, But the rules
- 1:42Speaker 3: are different for business owners. Yes, a business owners, you
- 1:45Speaker 3: can employ your child as long as they can do
- 1:48Speaker 3: a job. A one year old can't be a computer scientist.
- 1:51Speaker 3: Guys don't do don't.
- 1:53Speaker 2: Don't don't be studio.
- 1:55Speaker 4: They got to be older than seven, please, So just
- 1:57Speaker 4: so y'all know they got to be older than seven.
- 1:58Speaker 3: But just use common sense. But so, my son is twelve, right,
- 2:03Speaker 3: so obviously he's old enough to work, old enough to
- 2:05Speaker 3: do things. So we put him to work. He does
- 2:07Speaker 3: a variety of different things. But one of the cool
- 2:10Speaker 3: things about being a business owner is that the IRS
- 2:11Speaker 3: allows you to put twelve nine hundred and fifty dollars
- 2:14Speaker 3: a year, you can pay your child that. So here's
- 2:17Speaker 3: the real benefit though, because that money that you pay
- 2:20Speaker 3: your child is tax deductible for the business. So it's
- 2:24Speaker 3: a tax deduction and it's tax free income to your child.
- 2:28Speaker 3: Don't debate me on this, please not debatable, So gun
- 2:33Speaker 3: on your red you today slightly slightly, So here's the day.
- 2:39Speaker 5: Why why is this beneficial? Right?
- 2:41Speaker 3: Because you're gonna have to give your child money anyway, right,
- 2:45Speaker 3: if you're a good parent, you're gonna have to give
- 2:48Speaker 3: your child money anyway. So why not instead of just
- 2:51Speaker 3: giving him an allowance, why not actually pay them? Have
- 2:55Speaker 3: them work a job, right, get to learn a business,
- 2:59Speaker 3: and so you get that caaraderie. You get them to learn,
- 3:04Speaker 3: now you get in a workings as far as a
- 3:07Speaker 3: family and business together. Right, you're saving money by giving
- 3:11Speaker 3: your child money. Now, this is not just me giving
- 3:13Speaker 3: you an allowance. Now, I'm actually saving money because I'm
- 3:16Speaker 3: paying you. But you can also put a portion of
- 3:20Speaker 3: that into a raw ira, right, invest it for your child. Yes,
- 3:25Speaker 3: and now that money is growing tax free when they
- 3:30Speaker 3: take it out for retirement it's tax free, right, or
- 3:34Speaker 3: you can put it in an up my account and
- 3:36Speaker 3: have it growing. So these are things where it's like
- 3:39Speaker 3: little things like that. I talked about this on a
- 3:40Speaker 3: Breakfast Club. It's like you could put a couple thousand
- 3:43Speaker 3: dollars into a raw FIRA just for a couple of years, yeah,
- 3:46Speaker 3: and a compound and millions of dollars in forty years, right.
- 3:51Speaker 3: So it's like, yeah, people are going to say, well
- 3:54Speaker 3: it takes forty years.
- 3:55Speaker 6: Yeah, well kids are gonna need money. You're not gonna
- 3:57Speaker 6: need money for sixty, yes, Like, and that money is
- 4:00Speaker 6: going to actually take care of the parents in forty years,
- 4:03Speaker 6: there'll be fifty.
- 4:04Speaker 3: Somebody had a million dollars for you and said you
- 4:06Speaker 3: can't touch until you're sixty. Are you going to be
- 4:09Speaker 3: mad about that? Twenty Maybe I'm just saying as far
- 4:13Speaker 3: as oh, yeah, thankful. It's not like you know what
- 4:16Speaker 3: I'm saying. It's like, this is just extra. You still
- 4:18Speaker 3: got money that you're making on your own, You're still
- 4:20Speaker 3: living your life.
- 4:21Speaker 5: It's just an extra added bonus.
- 4:24Speaker 6: I look how much of like an emotional cushion it
- 4:27Speaker 6: gives you, like the kind of like with the iverson.
- 4:28Speaker 5: Deal exactly reported like, no, man, you know what it's doing.
- 4:31Speaker 6: Yeah, but it's like at least in twenty years, you
- 4:33Speaker 6: know to be there, so you have a cushion to
- 4:34Speaker 6: take care of your family. And for my parents, the
- 4:37Speaker 6: easiest win is s invest for your kids. You just
- 4:39Speaker 6: hold for ten fifteen years through these cycles of my God,
- 4:43Speaker 6: like you can be up two thousand and three thousand percent.
- 4:45Speaker 6: You picked company's long term and don't touch it.
- 4:48Speaker 4: And when you do that, man, it alleviates your children
- 4:50Speaker 4: from having financial trauma absolutely right, Like they don't have
- 4:53Speaker 4: to wonder whether like yo, I can't do this because
- 4:56Speaker 4: we can't afford that, or I might have to sacrifice
- 4:58Speaker 4: doing this because my family can do you know what
- 5:00Speaker 4: I mean. It's just a different level of freedom that
- 5:02Speaker 4: they have, and so they're able to explore and navigate
- 5:05Speaker 4: through the world.
- 5:05Speaker 2: A little bit differently.
- 5:06Speaker 4: And I feel like that, like that becomes like one
- 5:09Speaker 4: of those goals as a parent. It's like I'm watching
- 5:11Speaker 4: them just make decisions based because they want to try that.
- 5:14Speaker 5: And then another thing like their grace.
- 5:16Speaker 3: I haven't really seen too much of his post lately,
- 5:18Speaker 3: but a couple of years ago he said something that
- 5:20Speaker 3: was actually very insightful. His delivery wasn't the most compassionate,
- 5:26Speaker 3: but it was actually some value in it when he
- 5:28Speaker 3: was saying, how like, if I'm a business owner, right,
- 5:31Speaker 3: and I work my whole life to start a business,
- 5:34Speaker 3: and when my kid turns sixteen they have to work at.
- 5:38Speaker 5: I that's my failing.
- 5:40Speaker 2: You fail.
- 5:40Speaker 3: I feel that's real because it's like if I'm what
- 5:43Speaker 3: am I working for?
- 5:44Speaker 5: Having a business? You need a job? You're working for me?
- 5:47Speaker 2: Yes, yeah, I didn't get it out the months. You
- 5:49Speaker 2: can go get it out the money.
- 5:50Speaker 5: But it's not even that. It's not even it's just like.
- 5:53Speaker 3: Your first priority is to your family, right, that's business.
- 5:58Speaker 3: So it's like if you're if you want to work
- 6:01Speaker 3: to make money, you're going to work for me. If
- 6:04Speaker 3: you make a decision not to work for me for
- 6:07Speaker 3: whatever reason, that's your own personal decision. Yeah, now you're
- 6:10Speaker 3: on your own and you can't enjoy the benefits of
- 6:13Speaker 3: the king exactly.
- 6:14Speaker 4: But it's like, yeah, but that's a conversation we just had,
- 6:17Speaker 4: Like with a show on the last episode, it was
- 6:19Speaker 4: like the succession plan, yes, right, Like how often were
- 6:23Speaker 4: they brought around it?
- 6:24Speaker 2: Right?
- 6:24Speaker 4: Because sometimes you want to pass it down and they
- 6:26Speaker 4: may not be interested, but at what point did you
- 6:29Speaker 4: show them the benefits to be a part of this
- 6:31Speaker 4: right and show them like, yo, this is the hard
- 6:32Speaker 4: work that comes with it, and so it becomes a
- 6:34Speaker 4: natural thing.
- 6:35Speaker 2: Right with don, people's where.
- 6:36Speaker 4: We see, like we speak to Domo, when you speak
- 6:38Speaker 4: to his son, it's like, yo, you can feel it,
- 6:41Speaker 4: like he's been around this. He's intrenching this to the
- 6:43Speaker 4: point where it's now it's like yo, he's becoming the
- 6:45Speaker 4: most trusted advisor to his dad, and rightfully so. This
- 6:50Speaker 4: episode is brought to you by P and C Bank.
- 6:52Speaker 4: A lot of people think podcasts about work are boring,
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- 7:02Speaker 4: day after day. It's like banking with P and C Bank.
- 7:07Speaker 4: It might seem boring to save, plan and make calculated
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- 7:33Speaker 2: Erness What's up.
- 7:33Speaker 4: You ever walk into a small business and everything just
- 7:36Speaker 4: works like the checkout is fast, the receipts are digital,
- 7:40Speaker 4: tipping is a breeze, and you're out the door before
- 7:43Speaker 4: the line even builds. Odds are they're using Square. We
- 7:47Speaker 4: love supporting businesses that run on Square because it just
- 7:49Speaker 4: feels seamless. Whether it's a local coffee shop, a vendor
- 7:53Speaker 4: at a pop up market, or even one of our
- 7:55Speaker 4: merch partners. Square makes it easy for them to take payments,
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- 8:36Speaker 4: can keep pushing your vision forward.
- 8:40Speaker 1: An illegal alien from Guatemala charged with raping a child
- 8:43Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
- 8:47Speaker 1: accused of murdering a Texas man of Venezuelan charged with
- 8:52Speaker 1: filming and selling child pornography in Michigan. These are just
- 8:56Speaker 1: some of the heinous migrant criminals caught because of President
- 8:59Speaker 1: Don J. Trump's leadership. I'm Christy Noman, the United States
- 9:03Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
- 9:08Speaker 1: crossings are at the lowest levels ever recorded, and over
- 9:11Speaker 1: one hundred thousand illegal aliens have been arrested. If you
- 9:15Speaker 1: are here illegally, you're next. You will be fine nearly
- 9:19Speaker 1: one thousand dollars a day, imprisoned and deported, you will
- 9:23Speaker 1: never return. But if you register using our CBP home
- 9:26Speaker 1: app and leave now, you could be allowed to return legally.
- 9:30Speaker 1: Do what's right. Leave now. Under President Trump America's laws,
- 9:35Speaker 1: border and families will.
- 9:37Speaker 4: Be protected sponsored by the United States Department of Homeland
- 9:39Speaker 4: Security because the company's certainly going to be at a
- 9:43Speaker 4: point there's going to be succession, like he needs to
- 9:45Speaker 4: take over this.
- 9:46Speaker 2: I could feel it.
- 9:47Speaker 6: Do you think some parents are not sharing or involved
- 9:48Speaker 6: in their kids a either because they don't like the business,
- 9:51Speaker 6: or they're using the business escape from the responsibility of
- 9:53Speaker 6: being a parent.
- 9:54Speaker 3: I think a lot of most businesses, unfortunately, are not businesses.
- 9:57Speaker 5: The hustles.
- 9:58Speaker 3: Yeah, oh, so have an employee. You don't have a plan.
- 10:02Speaker 3: You're not really even making money those systems. So you're working,
- 10:06Speaker 3: you're you're a self employed employee. You're a self employed employee.
- 10:09Speaker 3: I've seen it happen where you're working a job and
- 10:12Speaker 3: you're pretty much the only thing.
- 10:14Speaker 5: Is you just don't have a boss. But that's it.
- 10:17Speaker 3: So A, you're not in a position to hire your child,
- 10:20Speaker 3: but B it's not appealing for the child to either
- 10:23Speaker 3: be interested in doing that.
- 10:24Speaker 5: Why would I want to do this?
- 10:26Speaker 4: This is it taking my dad away from me, It's
- 10:29Speaker 4: taking my mom away from me all this time. They've
- 10:30Speaker 4: got to work this hard these like do I want
- 10:33Speaker 4: to do that? Is that something that I want to.
- 10:35Speaker 3: And so it's like, all right, let's say my kid,
- 10:38Speaker 3: since we're talking about him, he's already seeing this. So
- 10:42Speaker 3: it's like, of course you would want to be involved
- 10:44Speaker 3: in this. What's your what's your alternative? Like you want
- 10:47Speaker 3: to work at the camp or you want to go,
- 10:52Speaker 3: you want to work at the camp for you make
- 10:54Speaker 3: a decision.
- 10:56Speaker 5: So it's like at a.
- 10:57Speaker 3: Certain point, that's not a difficult decision to make, you
- 11:01Speaker 3: know what I'm saying. So I feel like the exposure
- 11:04Speaker 3: is important at a young age because ultimately you want
- 11:08Speaker 3: your children to work in the business, absolutely because like
- 11:12Speaker 3: why not, Like that's the real world, that's the real
- 11:15Speaker 3: way to kind of build the degenerational work.
- 11:19Speaker 4: So that's here's the interesting part, is like that really
- 11:21Speaker 4: could be your life story, right, Like, so you watched
- 11:23Speaker 4: your dad. Was that your experience when you're watching your
- 11:26Speaker 4: dad become an entrepreneur? Are you looking at it like
- 11:30Speaker 4: I want.
- 11:30Speaker 2: To do that?
- 11:31Speaker 5: Yeah?
- 11:31Speaker 3: Well, see, my my situation is a little different because
- 11:34Speaker 3: I saw I saw every aspect of it.
- 11:36Speaker 2: That's what I'm saying, right of it, I see it.
- 11:39Speaker 5: I see it. He's seeing a different.
- 11:43Speaker 2: Right right.
- 11:46Speaker 4: High like getting like the highlight YouTube version of it.
- 11:49Speaker 4: What I'm saying, like, you've seen all aspects for it.
- 11:52Speaker 4: But to answer your question, any point, did it ter
- 11:54Speaker 4: you to say like maybe entrepreneur is it for me?
- 11:57Speaker 4: It was like, Yo, I'm getting to see them in
- 11:58Speaker 4: sixth first hand. So now I have to make them
- 12:00Speaker 4: because it becomes a blueprint both.
- 12:02Speaker 3: No, I never, it never was a thing that entrepreneurship
- 12:04Speaker 3: wasn't for me because I always sort of value and
- 12:08Speaker 3: being your own boss, watching him or even if even
- 12:11Speaker 3: if you know it's ups and downs and being an entrepreneur.
- 12:14Speaker 3: So but for me, the freedom the time, because it's
- 12:18Speaker 3: like my mom is is a teacher, so that's the
- 12:20Speaker 3: exact opposite. She ain't have freedom, she ain't have time,
- 12:22Speaker 3: she had to go to work, she couldn't.
- 12:23Speaker 5: Miss a day.
- 12:24Speaker 3: But my dad had luxuries and freedom as far as
- 12:27Speaker 3: his time. So that to me, I'm like, I always
- 12:31Speaker 3: got to be able to nobody can tell Somebody can
- 12:34Speaker 3: tell me I can't go to lunch or I can't
- 12:37Speaker 3: go to my kids basketball game because I gotta work
- 12:39Speaker 3: over till the jobs. So ironically, nobody has to tell
- 12:44Speaker 3: me that now because I can't go because I'm just
- 12:46Speaker 3: not around, like you know what I'm saying. So it's
- 12:48Speaker 3: like you trade one thing for another. That's just the
- 12:50Speaker 3: irony of life.
- 12:51Speaker 6: That'd be probably I don't think we talk about that though,
- 12:53Speaker 6: And even seeing my dad like same thing, like you
- 12:55Speaker 6: see ups and downs, but the joy that you see
- 12:58Speaker 6: an entrepreneur have knowing that, like you can have a
- 13:00Speaker 6: back quarter and one week a contract can come through
- 13:03Speaker 6: and it changes everything joy and vigor that you have.
- 13:06Speaker 6: It's like, I'd rather do that when I saw other
- 13:09Speaker 6: family members have more stable jobs and they work in
- 13:11Speaker 6: the mill, but as soon as they got off work
- 13:13Speaker 6: at three, they can plain from three to.
- 13:14Speaker 2: Nine at night. Yeah, I'm that end of the spectrum.
- 13:17Speaker 4: Like I watched my parents go to work at seven
- 13:19Speaker 4: o'clock and it came home at seven o'clock.
- 13:21Speaker 2: And so it was like, yo, damn.
- 13:23Speaker 4: I had that mentality like, Yo, I can't go to
- 13:27Speaker 4: a professional career, I have to work for thirty five
- 13:29Speaker 4: forty years because at the end of the day, like
- 13:31Speaker 4: I always tell my pops, I'm like, yo, there's no
- 13:32Speaker 4: guarantee that if you work there forty years, there's no
- 13:35Speaker 4: guarantee that I can even get an interview at that job.
- 13:38Speaker 2: It doesn't grant me anything.
- 13:39Speaker 4: And what it does do is take you out of
- 13:41Speaker 4: the home more than you're in the home, right And
- 13:44Speaker 4: so it was like, yo, damn, I wonder what that
- 13:46Speaker 4: would be like for my kids. And so I used
- 13:48Speaker 4: to tell people all the time, like I'm not gonna
- 13:50Speaker 4: be teaching for twenty five years.
- 13:51Speaker 2: They thought I was bugging out.
- 13:52Speaker 4: I'm like, nah, I'm like, I think fifty is going
- 13:54Speaker 4: to be that shit. Like, if I'm doing that at fifty,
- 13:57Speaker 4: something went wrong. They're like, yeah, fifty, you gotta retire
- 13:58Speaker 4: in sixty five. I'm like, nah, They're like, what at
- 14:01Speaker 4: the time, I'm thirty five telling people in your life
- 14:03Speaker 4: now I talked for ten years. I'm like, no, I'm
- 14:05Speaker 4: not doing it. They're like, well, what happens at fifty.
- 14:08Speaker 4: I'm like, if i haven't figured it out by then,
- 14:10Speaker 4: then I've done something wrong. Granted we were doing other
- 14:13Speaker 4: things to try to figure it out, and I stopped
- 14:15Speaker 4: being in the school district byt thirty eight.
- 14:18Speaker 2: Forget fifty vision everything you say, but yeah.
- 14:21Speaker 4: It's watching them go to work all the time, all
- 14:22Speaker 4: the time and just being it was like, damn, they
- 14:25Speaker 4: working really hard, man, Like you know what I'm saying.
- 14:27Speaker 4: They missed things like I watched his dad come to
- 14:29Speaker 4: basketball games and my parents couldn't come to basketball games
- 14:32Speaker 4: because they had to work because they had to provide,
- 14:33Speaker 4: which is like extremely grateful for but it was like
- 14:36Speaker 4: what happens on the other end of that that level
- 14:38Speaker 4: of support, that level of being present in those things,
- 14:41Speaker 4: that's the freedom.
- 14:42Speaker 6: And we see it with our kids. That time together
- 14:44Speaker 6: is real bad. You can give the kid all the
- 14:46Speaker 6: money in the world. Your kid wants time.
- 14:49Speaker 2: Yep, I exad that.
- 14:50Speaker 6: You want to go here, want to go to He
- 14:51Speaker 6: wants me to watch Kaylasts on YouTube and watch mister
- 14:53Speaker 6: B to watch Fortnite. I'm like, oh, we can go
- 14:55Speaker 6: to Rockets game and he front court. He's like, let's
- 14:58Speaker 6: let's play Fortnite with your kid?
- 15:00Speaker 2: Is the real bag.
- 15:02Speaker 4: We owned a routto phase in my house, so I'm
- 15:04Speaker 4: blown out of training right now.
- 15:06Speaker 2: Got you.
- 15:09Speaker 7: My graduates from my school being fores bad drop drop
- 15:15Speaker 7: Mike drotdropf.
- 15:28Speaker 1: An illegal alien from Guatemala charged with raping a child
- 15:32Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
- 15:36Speaker 1: accused of murdering a Texas man of Venezuelan charged with
- 15:40Speaker 1: filming and selling child pornography in Michigan. These are just
- 15:44Speaker 1: some of the heinous migrant criminals caught because of President
- 15:48Speaker 1: Donald J. Trump's leadership. I'm Christine Noman, the United States
- 15:51Speaker 1: Secretary of Homeland Security under President Trump, attempted illegal border
- 15:56Speaker 1: crossings are at the lowest levels ever recorded. Over one
- 16:00Speaker 1: hundred thousand illegal aliens have been arrested. If you are
- 16:03Speaker 1: here illegally, your next you will be fine nearly one
- 16:07Speaker 1: thousand dollars a day, imprisoned, and deported. You will never return.
- 16:12Speaker 1: But if you register using our CBP home app and
- 16:15Speaker 1: leave now, you could be allowed to return legally. Do
- 16:19Speaker 1: what's right, leave now. Under President Trump America's laws, border
- 16:24Speaker 1: and families will be protected.
- 16:26Speaker 2: Sponsored by the United States Department of Homeland Security,