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Investing In Real Estate Podcast

So you want to pay your credit cards with tax-free dollars? On today’s show, you’re going to learn a financially intelligent way to maximize the money in your family business. You’re going to learn how to make the most out of your credit cards by (legally) taking advantage of the way we run our business.

On this episode of Investing in Real Estate, we’re diving deep into how we pay our children for age-appropriate work, and the IRS regulations on taxing their income. You’ll learn about the types of expenses they can pay for with their tax-free dollars, and more!

On this episode you’ll learn:

  • How to legally pay your children a tax-free salary.
  • The method you can use to pay your credit cards with tax-free dollars.
  • Examples of age appropriate jobs for children.
  • And much more!

How to Legally Pay Your Children a Tax-Free Salary

According to the IRS, any minor making less than $12,000 per year does not have to report taxes on that income. This must be a legitimate salary paid from your family’s business, and said minors must be your children.

The Method You Can Use to Pay Your Credit Cards with Tax-Free Dollars

If you’re paying your children a salary, there is a great option for paying your credit cards with tax-free dollars. You can add your children as authorized users on your credit card, and then allow them to pay off any purchases with their tax-free earnings!

Examples of Age Appropriate Jobs for Children

This may vary based on your child’s age and your business. Some business owners use their children in marketing materials. In our business, we have our children do administrative  work. They are responsible for shredding documents, putting stamps on outgoing mail, and scan receipts. You can learn more about this on Natali’s blog.

Episode Resources
ZipRecruiter.com/worktogether
Book a Call with Our Team
The Opposite of Spoiled by Ron Lieber 
Capital One Venture Card
Bankrate
How to Live Like a Boss on Business Credit Cards
Subscribe to Investing in Real Estate on Apple Podcasts
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to​ use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.

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Posted on

May 13, 2020

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