How the Rich Hire Their Kids to Save Thousands in Taxes

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📝 Video Summary
In this video, Kingsley Ifedi, CPA breaks down how wealthy families legally hire their kids to save thousands in taxes and build generational wealth. You’ll learn what work kids can actually do at different ages, why documentation matters (job descriptions, time logs, payroll), and how paying your child up to the standard deduction can shift income to a lower tax bracket while your business deducts the wages. He also explains how to set it up cleanly with the right paper trail and bank accounts, plus a bonus strategy: using your child’s earned income to fund a custodial Roth IRA for long-term, tax-free growth. Finally, he covers an important S-Corp nuance and how a “family management company” can help preserve payroll tax advantages when structured properly.

🎁 Free Downloads
• 7 Tax Strategies eBook: https://online.twcouple.com/e-book

🧰 Useful Resources
• Elect S-Corp (Fax IRS Form 2553): https://www.irs.gov/pub/irs-pdf/f2553...
• Get a Free EIN (IRS): https://sa.www4.irs.gov/modiein/indiv...
• Pay Federal Estimated Taxes (IRS): https://www.irs.gov/payments

🛠️ Tools I Use & Recommend (includes my special discounts)
• ADP (Payroll): https://api.leadconnectorhq.com/widge...
• Gusto (Payroll): https://gusto.com/r/teamfd5da553

⏳ Timestamps / Chapters
00:00 How the Rich Hire Their Kids (The Formula)
01:22 Why It’s Legal + How It Saves Taxes
01:35 My Story (Why This Works in Real Life)
02:30 Why the Tax Code Rewards This
03:10 What Jobs Kids Can Actually Do (By Age)
04:36 How Much to Pay Your Kids (The Number)
06:06 3-Step Setup to Do It Clean (IRS-Compliant)
08:39 S-Corp Warning + The Family Management Company Fix

👉 Watch Next
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⚠️ Disclaimer
This video is for educational purposes only and doesn’t create a CPA-client relationship. Tax outcomes depend on your facts, income, and state rules. Always consult your tax professional before implementing strategies.