How to Pay Your Kids (Legally) and Save Thousands in Taxes
Life Changing Money with Barbara Schreihans
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Show Notes
Are you missing out on the tax strategy that could save you thousands and help build wealth for your kids?
In this episode of Life Changing Money, Barbara is joined by her husband Matt for a fun but strategy-packed conversation on family wealth planning. They break down how to legally employ your children and spouse in your business for both major tax savings and long-term wealth building—including how to set up Roth IRAs, maximize retirement contributions, and use whole life policies for legacy planning.
Whether you're a seasoned business owner or just getting started, this episode will open your eyes to the strategies the ultra-wealthy use—and how you can too.
Tune in to hear:
- Why employing your kids is 100% legal and IRS-approved (and how to do it right)
- The real reason the government wants you to pay your children
- Job ideas for kids of all ages—from toddler shredding to TikTok management
- How to shift income to a lower tax bracket (hello, tax arbitrage!)
- How to invest your kids’ paychecks to build generational wealth
- Why a Roth IRA is more powerful than a 529 plan for college savings
- How to use life insurance creatively to fund big purchases later in life
- 3 smart ways to legally involve your spouse in your business (without giving away 50%)
- The surprising benefits of setting up a Board of Directors—including destination “board meetings”
Register for the Free Masterclass on Building Family Wealth: https://taxedacademy.com/family
How To Get Involved:
Life-Changing Money is a podcast all about money. We share stories of how money has impacted and radically changed the lives of others—and how it can do the same for you.
Your host, Barbara Schreihans (pronounced ShREE-hands) is the founder and CEO of Your Tax Coach, and the creator of the Write Off Your Life Course. She is a top tax strategist, business coach, and expert in helping business owners and high-net-worth individuals save millions in taxes while increasing profits.
When she’s not leading her team, coaching clients, or dreaming up new goals for her company, you can find her drinking coffee, hanging out with her family, and traveling the world.
Grab a cup of coffee and become inspired as we hear from those who have overcome and are overcoming their self-limiting beliefs and money mindsets!
Do you have a burning question that you’d love to hear answered on a future show?
Please email it to: [email protected]