Kamehame-HA! Secret Tax Trick Lets You Power Up Your Savings Like a Super Saiyan!

TikTok Shenanigans: Not Always Super Effective!

Hey everyone it's Goku! I heard about this thing called 'taxes' and how confusing it can be even more confusing than figuring out how to use Instant Transmission the first time! Apparently these social media folks like on TikTok are saying you can hire your kids for your business. But remember what Master Roshi always said 'There’s more to strength than just power you also need to be smart!' So don't just believe everything you see; gotta train those brains too!

Ka Ching! Turn Your Kids into Money Saving Machines?

This financial guy Sean Lovison says hiring your kids can be a 'tax savvy move'. Imagine that! You can deduct their wages which means more money for senzu beans! And if their income is less than $14,600 (for 2024) they might not even pay income tax! It's like getting a free power up... almost as good as the Super Saiyan transformation!

No Social Security? Score!

Apparently if your kids are young enough and your business is set up a certain way you might not have to pay Medicare and Social Security taxes on their wages! That’s like getting to skip a long training session in Snake Way! But remember even though it sounds awesome we gotta follow the rules or else King Yemma will be waiting for us!

Roth IRA: The Dragon Balls of Retirement!

Okay this is where it gets interesting! Once your kids have 'earned income,' they can put money into something called a Roth IRA. This Carol Fabbri chick says it's like a triple tax benefit! They pay little to no taxes now and the money grows without taxes and they can take it out tax free when they're old and wrinkly like Master Roshi (no offense Master Roshi!). But remember the contribution limit is either their total earnings or $7,000 whichever is smaller. Gotta keep an eye on those numbers like tracking down Dragon Balls!

Labor Laws: More Complicated Than Fusion!

Before you go all out and hire your kids you gotta know the laws! Some states don’t let you hire kids under 14 at all! And when you do hire them they gotta do REAL work. None of that playing around like Goten and Trunks! And you gotta pay them fairly. And remember kids you can't slack off like Vegeta gotta always train harder!

Record Keeping: Your New Best Friend!

This is super important! Keep track of everything! Like Bulma keeping track of all her inventions! Lovison says record keeping is 'non negotiable'. It helps you with taxes and proves everything is legit if someone asks questions. Hiring your kids as W 2 employees and withholding taxes 'covers your bases'. If they're under the standard deduction they get a full refund! It's like collecting all seven Dragon Balls and getting a wish granted!