Ming Li

[Ming Li @Ming_Li7]

https://t.co/9HWo5vKwUG

[Andrew Lokenauth @FluentInFinance]

Minimum wage hikes are coming to many US states in 2024.

The most notable increase will be in California, where fast-food workers will be paid at least $20 per hour. Other states raising their minimum wages include Hawaii (up 16.7% to $14), Nebraska (up 14.3% to $12), Maryland (up 13% to $15), and Delaware (up 12.8% to $13.25).

What do you think about the upcoming minimum wage hikes?

[Andrew Lokenauth @FluentInFinance]

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[Andrew Lokenauth @FluentInFinance]

If you're a business owner, you can pay your children $13,850 (tax-free) and deduct it from your own taxes (legally).

By doing this, you can legally reduce your taxable income by $13,850 and avoid paying tax on that amount, plus your child will owe $0 taxes on that amount, and you can also invest $6,500 of that in a tax-free Roth IRA. (When you employ your children it’s s a business expense and business expenses are tax-deductible).

To avoid self-employment tax (15.3%), you can put your child on payroll and issue a W-2, then use the standard deduction to reduce their taxable income. (Children under 18 who work for a business owned by their parents are also exempt from paying Social Security and Medicare taxes).

You need to pay your children a reasonable wage for the work they do, and they have to perform an actual task (so create a contract detailing the responsibilities). Children can perform tasks such as administrative work, social media management, or other age-appropriate responsibilities (and make sure you track the hours worked).

Your child has to be paid an age-appropriate reasonable wage. For example, it’s considered tax evasion if you pay a 1-year-old child $13,850 per year to do your accounting.

When you pay your child for their work it’s considered a business expense and you can deduct it from your taxable income, lowering your tax liability.

This strategy not only benefits you but also helps your child start their retirement savings early. You can make your child a millionaire by opening a custodial Roth IRA. By investing $6,500 in an S&P 500 index fund, it can grow tax-free. Here is an example:

• Invest $11 a day into an S&P 500 index fund
• Let compound interest do all the work
• In 30 years should have $1,002,208, tax-free (historically, the S&P 500 has earned 11% per year, on average, over the last 96 years)

Based on an 11% average historical return, here is the power of compound interest and maxing out a Roth IRA:

• 10 Years: $117,369
• 20 Years: $433,591
• 30 Years: $1,331,479
• 40 Years: $3,880,962
• 50 Years: $11,120,016

Because Roth IRAs offer tax-free growth, your investments can compound and grow faster. With a ROTH IRA, you can withdraw your contributions at any time.

Hiring your children for your business (or side hustle) and investing their salary in a tax-free Roth IRA is a great strategy to save you money on taxes, help your child build wealth, and teach your child valuable skills. Your children will learn about budgeting, saving, and investing, all while earning money for themselves. Please remember:

• Track the hours worked
• Your child has to perform an actual task
• Check your state requirements for age
• Create a contract detailing the responsibilities
• Your child has to be paid an age-appropriate reasonable wage

Taxes are your biggest expense in life so strategic tax planning is a must.

[Andrew Lokenauth @FluentInFinance]

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[Andrew Lokenauth @FluentInFinance]

How Google $GOOGL makes money:

[Andrew Lokenauth @FluentInFinance]

How companies legally avoid taxes with transfer pricing:

1) A company in the U.S. sets up a subsidiary in a country with low or no taxes, like the Cayman Islands.

2) The subsidiary owns things the parent company needs, like intellectual property or trademarks.

3) The subsidiary charges the parent company licensing fees to use that intellectual property.

Here is an example. Company X will shift its earnings somewhere else to avoid the U.S. corporate tax rate:

A) U.S. company makes $50 billion profit. But it owes its Cayman Islands subsidiary, Company Y, $50 billion in licensing fees (for the intellectual property (IP) that Company X needs to use).

B) Company Y charges Company X $50 billion for the IP license, resulting in Company X's profit becoming $0. Now the U.S parent company, Company X, has zero profit and pays zero taxes.

C) Company Y books the $50 billion profit but pays near zero taxes because of the Cayman's tax laws.

Do you think transfer pricing is an ethical or unethical practice?

[Pastor West @Pastor__West]

Life may be beating your tail right now, but I assure you that everything will be ok…♥️

[Real Talk Kim @RealTalkKim]

I just heard this for somebody:
You are getting ready to CHANGE THE GAME for your family statistics. Everything that has been a serial cycle of brokenness is shifting to a cycle of healing! Hold on, the tide is turning in your favor!

[Real Talk Kim @RealTalkKim]

I declare: God is canceling every evil assignment over your life right now! Amen!

[Pastor West @Pastor__West]

The more you trust God, the more He amazes you.

[Pastor West @Pastor__West]

Dear Lord,

Today, I humbly pray for my personal growth in communion with the Holy Spirit. May our connection deepen and flourish, guiding me on the path of righteousness. I believe by faith that something good is about to happen for me! In the powerful name of Jesus. Amen🙏🏾

[Pastor West @Pastor__West]

Dear Lord,

Today, in times of doubt and confusion, I seek Your redirection. Illuminate my path, dispel my fears. Redirect my steps towards purpose and clarity. Grant me wisdom to embrace change, courage to let go, and faith to trust Your perfect plan. In Jesus name. Amen🙏🏾

[𝐃𝐫. 𝐉𝐨𝐋𝐲𝐧𝐧𝐞 𝐖𝐡𝐢𝐭𝐭𝐚𝐤𝐞𝐫 @DrJoLynneW]

I have a word for someone. The Lord put on in my spirit to tell you that people who are assigned to your life, respond and behave appropriately.

They don’t treat you like everybody else because they recognize there is something different about you… and they honor that difference. They may not have all the answers and moves initially, but they know enough to move differently, because there’s something very different about you.

I pray this helped somebody on tonight. When someone is assigned to your life — that is, sent by God, they respond and interact with you APPROPRIATELY.

I believe this is a word of confirmation. Glory to Jesus.

[Serita Jakes @FirstLadyJakes]

I couldn’t let this moment pass without sharing my testimony in process. It’s one thing to shout when the miracle has happened, but it takes courage to shout while you’re waiting!

Tonight during the @WomanEvolve Pajama Panel, we testified, we laughed, we learned! ☺️♥

#WomanEvolve

[Pastor West @Pastor__West]

REPEAT AFTER ME: my week will be filled with opportunities to celebrate.✨

[Growth Labs @growthhub_]

If you asked me for one book on how to manage your personal finances, invest, etc, I would hand you this book:

“I Will Teach You to be Rich” by Ramit Sethi

Here’s my key Takeaways from reading this book:

[Steve Harvey Radio @SteveHarveyFM]

Nothing is stronger than God's love.🙏🏽 #SHMS

[winning mentality 🗝️🌟 @deenayaah]

Breaking News: You are ending this month happier, stronger, richer and healthier than ever before trust God.

Retweet to claim it 🙏🏿

[Pastor West @Pastor__West]

Dear Lord,

Today, I declare, by God’s grace, into this new week that my enemy will be my footstool. Everywhere I go, men & women will compete to favor and bless me. There will be no more vacancies; there won’t be an area of my life that will not be filled. In Jesus name. Amen🙏🏽

[𝐃𝐫. 𝐉𝐨𝐋𝐲𝐧𝐧𝐞 𝐖𝐡𝐢𝐭𝐭𝐚𝐤𝐞𝐫 @DrJoLynneW]

GOD NEVER FAILS!

Get ready to see Him come through!