The IRS actually built a legal way for business owners to pay their kids, cut their tax bill, and set their children up for financial independence — and most people either don't know about it or aren't doing it right.
In this episode of the Weekly Wealth Podcast, CFP David Chudyk breaks down 3 powerful strategies every business-owning parent needs to know:
✅ Hire your kids through your business — Pay them real wages for real work, deduct it as a business expense, and shift income from your high tax bracket to their zero percent bracket. Plus, if you're a sole proprietor, wages to kids under 18 are exempt from Social Security and Medicare taxes.
✅ Open a Roth IRA with their earned income — A 15-year-old contributing $5,000/year from age 15 to 30 could have over $2.4 million tax-free by age 65. That's not a typo.
✅ Build their credit before they need it — Add your child as an authorized user on your credit card and give them a head start on their credit history before they ever apply for a loan, apartment, or car.
BONUS: David also shares the "college house play" — a real estate strategy his own family used to make his kid's college housing essentially free while building equity at the same time.
📬 Email David: david@parallelfinancial.com
🌐 Schedule a call: www.weeklywealthpodcast.com/vision
📊 Free Business Sellability Score: www.weeklywealthpodcast.com/sellabilityscore
Chapters:
00:00 Introduction
00:05 Hook — What the IRS built for business owners
00:57 Paying Your Kids Through Your Business
09:00 Roth IRA Strategy
12:11 Building Your Kid's Credit
15:13 The College House Play
18:34 Recap & Key Takeaways
The Weekly Wealth Podcast is designed to help the mass affluent live better lives through smarter money management. New episodes weekly.
WeeklyWealth #FinancialPlanning #TaxStrategy #FamilyFinance #SmallBusiness #RothIRA #WealthBuilding #CFP #PersonalFinance #KidsAndMoney
