A MOTHER and entrepreneur has shared how her daughter has made more than $18,000 since helping with her business.
The five-year-old girl earned thousands of dollars to invest in her future, while her mother receives a tax break from her notary work.
Momtrepreneur Amber Gist (@theambergist) is a TikTok influencer and business notary educator.
On a video this week, the small business owner shared how employing her five-year-old daughter has benefited both parties.
Gist explained how one of the benefits of hiring his son was the tax savings.
“By employing my son, I can reduce my taxable income, which is a great way to maximize savings,” she wrote in the video’s caption.
The businessman noted that the IRS allows parents to pay their children up to $13,850 annually without paying federal income tax on them.
It’s a practical way to teach financial responsibility and effectively take advantage of tax benefits.”
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The mother shared how the entrepreneurial venture not only allowed her to receive tax incentives, but also helped prepare her daughter for a bright financial future.
“This is a fantastic opportunity to teach my son the value of hard work and money management,” Gist said.
She noted that so far, her son has earned $18,452 while working for her.
With the gains, Gist’s daughter began investing in ETFs and stocks.
“This early start in investing can significantly impact your financial future, thanks to the power of capitalization,” said the mother.
She shared that hiring her son benefited her family and was a rewarding experience for her and her daughter.
“It’s a practical way to teach financial responsibility and effectively take advantage of tax benefits.”
THREE STEPS
Gist described the three steps she took before employing her daughter.
The first step was to ensure that your child was officially employed and had the necessary documentation.
“This includes maintaining a clear job description and regular payroll records,” Gist said.
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The second step Gist took was to ensure that her daughter’s salary was reasonable for her tasks and workload.
She checked IRS guidelines to ensure compliance.
The final step the entrepreneur took was to open investment accounts for her daughter, including a custodial investment account for her to invest her earnings.
“We discussed different types of investments and now she is enthusiastically learning about ETFs and stocks,” Gist said.
In related news, a content creator shared how his easy move through the mailbox earns him $500 a day.
Plus, The US Sun spoke to a money expert about how his hoodie trick earned him free money and how to find alternative sources of income.
This story originally appeared on The-sun.com read the full story
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