About this episode

David Chudyk discusses the IRS's legal strategy for business owners to hire their children, reduce tax bills, and build generational wealth.

The IRS actually built a legal way for business owners to pay their kids, cut their tax bill, and start building generational wealth — all at the same time. Most business owners have no idea it exists. And the ones who do usually aren't doing it right. In this episode, David breaks down the Hire Your Kids strategy from top to bottom — including the part most people skip — and adds two more powerful moves to set your kids up for financial success long before they need it. What You'll Learn in This Episode How to legally hire your minor children in your business and deduct their wages Why sole proprietors and single-member LLCs get an extra tax break most people don't know about What counts as legitimate work (and what the IRS will reject) Why teaching your kids to manage money matters just as much as saving it How a Roth IRA opened at age 15 can grow to over $2.4 million tax-free by retirement The authorized user strategy for building your kid's credit before they ever need it — and the real risk you have to know about How David's family bought a college house that paid for itself (and then some) The Numbers That Matter Roth IRA compounding example (8% average annual return)…

People in this episode

Host: David Chudyk

Topics covered

• tax strategies
• generational wealth
• financial education
• hiring children
• Roth IRA
• credit building

Keywords

• Hire Your Kids
• tax deduction
• financial success
• money management
• college house
• credit strategy

Mentioned in this episode

Organizations: IRS

Products: Roth IRA

More episodes of The Weekly Wealth Podcast

• Ep 269: Retirement planning is Life planning · May 29, 2026 · 33 min
• Ep 267: The Psychology of Social Security · May 15, 2026 · 25 min

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