I hope you're all done with your taxes... if not, do you really have time to read this??? Well, for whatever reason, you might be interested, so here's another tax tip I'd like to share.

Here's a bright idea:

Pay your kids to do some of your work (like on properties you own), and put the money in IRA accounts for them.

This is especially a good idea if you’ve already maxed out on your and your spouse’s IRA contribution for the year.

So if you’re at a high tax bracket the end of the year, hire your kids to do some work, like landscaping your rentals.

You’re better off avoiding the taxes on your extra income, and the money will be safe in a tax free shelter... And it’s a good way to help your kid prepare for their first property purchase.

This is a complex strategy, and I have put into simple terms. If you think about it a little, you may find a few twists and turns you can make to benefit your specific situation. To learn more about other strategies you can use to lower your taxable income, take a look at these tips.