ARE YOUR KIDS OR GRANDKIDSYOUR EMPLOYEES THIS SUMMER?

In "Home Business Tax Savings MADE EASY!" (Ch.6)
I describe LOTS of advantages of employing your minor
children in your home-based business, and exactly how to
bullet-proof your tax deductions for doing it.

Now here is another reason: Roth IRA.

An amount up to $5,000 or your child's total 2009
earned income (whichever is lower) may be contributed
by the child or by you into a Roth IRA.

Look at this example:
If your 15 year old put $5,000 into a Roth IRA this year, --
then did nothing else, ever -- that $5,000
will be worth about $200,000 by full retirement age (assuming 7% growth).

Now, imagine hiring your kids when they're as young as 7,
and putting a little of their earnings into an IRA this year,
and a little more each year. By the time they are 21,
they could have a million dollar retirement nest egg already funded.

"HEALTH CARE FOR EVERYONE" MAY COST YOU a BUNDLE!

Revamping the health care system will cost at least
ONE TRILLION DOLLARS. Supposedly health care
cost savings will pay for 40% of the total. I doubt that,
but even if it is true, guess where they'll get will the
other 60% -- $600,000,000,000? (Yes, 600 BILLION!)

That task, my friends, has been given to the House and
Senate TAXWRITERS.

Savor the feeling of your wallet in your hands while
there's still something in it, because it's looking like the
"change" we were promised, will come in the form of
nickels, dimes and quarters we have left after
staggering tax increases.

SUMMER CAMP FOR YOUR KIDS -- WHAT CAN YOU WRITE-OFF?

If you have children under the age of 13 who need daycare
during summer vacation while you work, the cost can count
towards Child and Dependent Care Credit, BUT ONLY IF
it is DAY-camp, not overnight camp.

This Credit can range from 20% to 35% of the actual cost
up to $3,000 for one minor, or up to $6,000 for two or more
dependents under 13.

The 20% rate applies if your income is over $43,000, and the
higher 35% rate is for those making under $15,000 in 2009.