Comments on: Kid’s Roth IRA | Can Teens and Kids Open A Roth? http://www.moneyhelpforchristians.com/kids-roth-ira-teens/ Frugal, Simple, Debt-Free Living, and Generous Giving Sat, 11 Feb 2012 21:06:49 +0000 hourly 1 http://wordpress.org/?v= By: helen http://www.moneyhelpforchristians.com/kids-roth-ira-teens/comment-page-1/#comment-5803 helen Tue, 04 May 2010 13:49:59 +0000 http://www.moneyhelpforchristians.com/kids-roth-ira-teens/#comment-5803 @Craig I garee that if a kid is just pulling a few weeds, an LLC would certainly be too much, but if an ambitious 16-yr-old starts a lawnmowing business, it might be a good idea to protect not just the kid's assets, but the parents'. The parents are responsible for the actions of a minor child, and could be sued if Johnny's lawnmower gets out of control. @Craig
I garee that if a kid is just pulling a few weeds, an LLC would certainly be too much, but if an ambitious 16-yr-old starts a lawnmowing business, it might be a good idea to protect not just the kid’s assets, but the parents’. The parents are responsible for the actions of a minor child, and could be sued if Johnny’s lawnmower gets out of control.

]]> By: DFA Link Rally: I Bought a Scooter! http://www.moneyhelpforchristians.com/kids-roth-ira-teens/comment-page-1/#comment-5731 DFA Link Rally: I Bought a Scooter! Sat, 01 May 2010 19:04:21 +0000 http://www.moneyhelpforchristians.com/kids-roth-ira-teens/#comment-5731 [...] On Student Loans + Some Valuable Help by MDTips For Selling a Home In a Down Market by Frugal DadCan Kids Open A Roth IRA? by Craig FordDebt Reduction Strategy Guide by ElleInherited IRAs – Please Avoid This Mistake by [...] [...] On Student Loans + Some Valuable Help by MDTips For Selling a Home In a Down Market by Frugal DadCan Kids Open A Roth IRA? by Craig FordDebt Reduction Strategy Guide by ElleInherited IRAs – Please Avoid This Mistake by [...]

]]> By: Financial Planning and Personal Investment Articles from Personal Finance Blogs | Personal Investment Management and Financial Planning Blog Directory http://www.moneyhelpforchristians.com/kids-roth-ira-teens/comment-page-1/#comment-5670 Financial Planning and Personal Investment Articles from Personal Finance Blogs | Personal Investment Management and Financial Planning Blog Directory Tue, 27 Apr 2010 22:56:38 +0000 http://www.moneyhelpforchristians.com/kids-roth-ira-teens/#comment-5670 [...] Ford presents Kid’s Roth IRA | Can Teens and Kids Open A Roth? posted at Money Help For Christians, saying, “This post helps readers understand the rules [...] [...] Ford presents Kid’s Roth IRA | Can Teens and Kids Open A Roth? posted at Money Help For Christians, saying, “This post helps readers understand the rules [...]

]]> By: Joe Plemon http://www.moneyhelpforchristians.com/kids-roth-ira-teens/comment-page-1/#comment-5318 Joe Plemon Tue, 20 Apr 2010 20:57:29 +0000 http://www.moneyhelpforchristians.com/kids-roth-ira-teens/#comment-5318 I will need to mow for Jason to earn the money to pay for pulling weeds. The weed pulling rate is inversely proportional to age. .-= Joe Plemon´s last blog ..<a href="http://feedproxy.google.com/~r/PersonalFinanceByTheBook/~3/s3oD2-qqg8M/" rel="nofollow">Five Upcoming Tax Hikes and What They Mean to You</a> =-. I will need to mow for Jason to earn the money to pay for pulling weeds. The weed pulling rate is inversely proportional to age.
.-= Joe Plemon´s last blog ..Five Upcoming Tax Hikes and What They Mean to You =-.

]]> By: Craig http://www.moneyhelpforchristians.com/kids-roth-ira-teens/comment-page-1/#comment-5317 Craig Tue, 20 Apr 2010 20:38:23 +0000 http://www.moneyhelpforchristians.com/kids-roth-ira-teens/#comment-5317 @Joe How much does grandpa Joe pay for weeds? I might be interested in the job. Especially if it is anything like Mr. Jason who wants to pay his kid 5 grand to cut the grass. @Joe
How much does grandpa Joe pay for weeds? I might be interested in the job. Especially if it is anything like Mr. Jason who wants to pay his kid 5 grand to cut the grass.

]]> By: Joe Plemon http://www.moneyhelpforchristians.com/kids-roth-ira-teens/comment-page-1/#comment-5314 Joe Plemon Tue, 20 Apr 2010 20:00:43 +0000 http://www.moneyhelpforchristians.com/kids-roth-ira-teens/#comment-5314 Craig, Good post on a topic that is too often misunderstood. Well covered. Now...I need to start paying my 10 year old grandson for pulling weeds. :) .-= Joe Plemon´s last blog ..<a href="http://feedproxy.google.com/~r/PersonalFinanceByTheBook/~3/s3oD2-qqg8M/" rel="nofollow">Five Upcoming Tax Hikes and What They Mean to You</a> =-. Craig,
Good post on a topic that is too often misunderstood. Well covered. Now…I need to start paying my 10 year old grandson for pulling weeds. :)
.-= Joe Plemon´s last blog ..Five Upcoming Tax Hikes and What They Mean to You =-.

]]> By: Craig http://www.moneyhelpforchristians.com/kids-roth-ira-teens/comment-page-1/#comment-5236 Craig Tue, 20 Apr 2010 05:50:25 +0000 http://www.moneyhelpforchristians.com/kids-roth-ira-teens/#comment-5236 @Helen Thanks for the comment. Yes, he will need to pay self-employment tax. However, I'm not sure he will need to set up a LLC. That seems like a little much for a kid cutting grass. Most 12-16 year olds don't have enough assets that make it worth getting a LLC. @Helen
Thanks for the comment. Yes, he will need to pay self-employment tax. However, I’m not sure he will need to set up a LLC. That seems like a little much for a kid cutting grass. Most 12-16 year olds don’t have enough assets that make it worth getting a LLC.

]]> By: Helen http://www.moneyhelpforchristians.com/kids-roth-ira-teens/comment-page-1/#comment-5235 Helen Tue, 20 Apr 2010 05:22:46 +0000 http://www.moneyhelpforchristians.com/kids-roth-ira-teens/#comment-5235 If Johnny starts charging for cutting he grass, he has set up a business. He'll need to pay self-employment tax (assuming he is an independent contractor), which is 15.3%. He'll also need to establish his business, which could be structured as an LLC. And he'll need to file a schedule C along with his taxes. It needn't be daunting. It would be a great life lesson for a kid. http://www.scienceandmoney.com/2009/05/13/why-do-i-need-to-create-an-llc/ If Johnny starts charging for cutting he grass, he has set up a business. He’ll need to pay self-employment tax (assuming he is an independent contractor), which is 15.3%. He’ll also need to establish his business, which could be structured as an LLC. And he’ll need to file a schedule C along with his taxes.

It needn’t be daunting. It would be a great life lesson for a kid.

http://www.scienceandmoney.com/2009/05/13/why-do-i-need-to-create-an-llc/

]]> By: Craig http://www.moneyhelpforchristians.com/kids-roth-ira-teens/comment-page-1/#comment-5198 Craig Mon, 19 Apr 2010 20:11:18 +0000 http://www.moneyhelpforchristians.com/kids-roth-ira-teens/#comment-5198 @Jason I think $5,000 is the current going rate for a nicely cut grass and trash at the road. I'm cheap so I only pay $2,500. @Jason
I think $5,000 is the current going rate for a nicely cut grass and trash at the road. I’m cheap so I only pay $2,500.

]]> By: The Yakezie Challenge Carnival #8 – Tax Day Edition! | MyMoneyMinute.com http://www.moneyhelpforchristians.com/kids-roth-ira-teens/comment-page-1/#comment-5177 The Yakezie Challenge Carnival #8 – Tax Day Edition! | MyMoneyMinute.com Mon, 19 Apr 2010 16:29:57 +0000 http://www.moneyhelpforchristians.com/kids-roth-ira-teens/#comment-5177 [...] Craig from Money Help For Christians gives us a double-dose of high-quality posts this week:  The Best Personal Finance Software for 2010 and Can Kids Open A Roth IRA? [...] [...] Craig from Money Help For Christians gives us a double-dose of high-quality posts this week:  The Best Personal Finance Software for 2010 and Can Kids Open A Roth IRA? [...]

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