ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 132: The 1099 Earner’s Gift That Keeps on Giving: Paying Your Kids

If you’ve listened to prior episodes, you’ve likely heard us talk about the benefits of having 1099 income. One benefit, in particular, is often overlooked and really takes the cake as the most special for those with children. An immediate deduction for you, savings for them, all while keeping it in the family? It’s too good not to take advantage of and every ER doc with kids should seriously consider earning at least some 1099 if only to just take advantage of this opportunity.

In today’s episode, we’ll discuss this strategy, go over the tangible real dollar benefits you can reasonably expect, and how to avoid pitfalls when implementing.

Topics Discussed:     
  • Quick tax time-to-file tips.
  • Why earning 1099 income is a good idea if you have children.
  • Understanding child labor laws.
  • Tangible benefits you can expect from the 1099 Earner’s Gift.
  • What kinds of jobs are acceptable and how to keep records.
  • Common pitfalls that occur.
  • How to avoid these pitfalls and what changes you should make to your filings.
  • How financial aid plays a part in this and what to look for when it’s time for applying.

Resources Mentioned:

Tags

ER doctors, emergency medicine, emergency medicine, finances after death, wealth planning, financial planning, probate court, taxes,