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How These Tax Tips Helped Me

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This story appears in the June 2015 issue of Entrepreneur. Subscribe »

Not long ago I received a text from my 16-year-old son—who works part-time at my company—that read, "Mom, can I open a ?" I was thrilled that he was beginning to appreciate the significance that compounding interest and time would have on his retirement.

What I didn't realize was that I, too, stood to gain from my son's investments. This I learned from Kimberly C. , managing partner with the accounting firm Hill & Ford in San Antonio, Texas, who specializes in tax strategies for . She says few entrepreneurs realize that the allows an employed child to make annual Roth contributions of up to $5,500. Moreover, this account can be used to pay for the child's higher education (with some restrictions).

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