I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal broker and also a personal broker in many families in United States, she's a licensed broker and a FINRA AGENT in United states.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that's well prepared for any eventually, that's how some folks' been averaging 150k every 7week these past 4months according to Bloomberg.
I gave my kid $4,000 as payroll and my tax person only put that I gave her $500 because if not she needed to be a 1099 because it’s a new law for 2024. Not sure how true this is or if the accountant just wanted to benefit herself to make more money.
S-Corps can't employ kids...what I was advised is to have my partner LLC invoice the S-Corp their salaries. I believe Mark mentions another way in the video as well.
my Panamanian trust collects the income tax free. i use my credit card issued in bahamas to access the money. plus i get airline miles. any other system just foolish
Nice videos! Do you have to issue your adolescent kids (e.g., 16 yr olds) a 1099 for income of $13k per year even if they don’t file taxes and do you have to report this to the IRS?
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I feel this is quite an easy one. You already have her name which makes it easy for you. Just look up her name online. I’m sure you will come across her. That’s how I found her too.
But on IRS site - "If the business is a corporation, a partnership (unless each partner is a parent of the child), or an estate (even if it is the estate of the deceased parent of the child): Payments for services of a child are subject to income tax withholding, social security taxes, Medicare taxes and FUTA taxes regardless of age." Does this mean if I pay my kid from my LLC as "outside labor" like Mark suggests, the child would still need to file taxes at the end of the year even if they make under the standard deduction as a dependent?
Question Mark, so, with a child employee, paid as outside labor via a sole prop or smllc, how would you prove 'earned income' without a w-2 or 1099 and thus qualify for an IRA? Honest question. It's the last piece of the puzzle as you cannot contribute to any type of IRA without earned income. then by way of a follow up, in the Outside labor for the sp/smllc, would the child simply invoice the sp/smllc? or what would be proper documentation for the payment? (outside of the check being written/funds transfered)
For an S Corp I get setting up a family mgmt co to pay my kids through, but wouldnt it also require filing a schedule C? Does my sole prop family mgmt co then bill the cost of the schedile c filing to my s corp?
I think it's reasonable for a 3-5 year old be paid for simple services such as cleaning the work space, assisting in basic work functions (ie a lawn service and the kid is in charge of pulling weeds or throwing mulch), or even be paid for marketing services by attending a community event/business expo and the kid is walking around or behind the table wearing branded clothing/handing out flyers.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that's well prepared for any eventually, that's how some folks' been averaging 150k every 7week these past 4months according to Bloomberg.
