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Business Owners: Employ Your Child & Build Their Wealth
Paying your child 1099 income through your business, having them set up an LLC, and contributing to a Roth IRA is an excellent strategy to teach financial literacy and help your child build long-term wealth. It provides immediate tax benefits for your business while offering your child a head start in saving for retirement.
The Corporate Transparency Act
The CTA was enacted in 2021 to combat criminal activity, such as money laundering, tax fraud, and financing of terrorism.
