Great Income Tax Tip

So I just met with my accountant and we were brainstorming about ways to give less to Uncle Sam next year. Check this out...if any of you own businesses, (doctor/lawyer/real estate/contractor, whatever) you can PAY your kids up to $5000 per year for filing papers, shredding docs, getting mail, etc. At ANY age!

You get to deduct this "payroll" from your Gross Income, yielding a great tax benefit. AND, if you invest their "income" directly into a Roth IRA, they pay no tax! It's perfectly legal and a great loophole. If you don't invest their income, they have to pay personal income tax on that money at YOUR tax bracket, so you have to set up the Roth for them or it would be pointless. BUT if you do it correctly, it's an incredible way to save for them and bring down your adjusted gross income.

Thought that was an interesting tidbit to share. Let us all know if you have any other creative yet legal methods.

I just sent this to my mom with my resume

Nice! If my parents owned their own business I'd do it too!

My mom still sells Real Estate here at the beach, No response from her yet, she may be checking my references.

Wow great tip! I own my own business and I will DEFINITELY do that when the time comes for kids...need a wife first...well, a girlfriend before that....and SEVERAL fuck buddies before that

Have a bunch of kids. Start franchises in every city.