Do you own your own practice and/or make 1099 income from your side gig? Do you have children? Well this tax tip is for you:
Hire your children! For 2022, dependents can make up to $12,950.00 without having to claim it on a tax return. Then you, as a business owner, can deduct that from your business's tax returns.
For 2022, you can contribute up to $6,500.00 per year into a Minor Roth IRA under your child’s name if they’ve earned income throughout the year. This should grow to ~$200,000.00 by the time they are retirement age!
Stay tuned for more 2 minute tax tips.
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Katherine Vessenes, JD, CFP®, is the founder and CEO of MD Financial Advisors who serve 500 doctors from Hawaii to Cape Cod. An award-winning Financial Advisor, Attorney, Certified Financial Planner®, author and speaker, she is devoted to bringing ethical advice to physicians and dentists. She can be reached at Katherine@mdfinancialadvisors.com.
The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax, or legal advice. Keep in mind that current and historical facts may not be indicative of future results. The information contained in our presentations has been compiled from third-party sources and is believed to be reliable; however, accuracy is not guaranteed.