A Life Well Lived: A Physicians Guide to Wealth

Locums Lowdown: How to Potentially Save $1,000s on Your Taxes by Putting Your Kids on Payroll | Ep 21

Episode Summary

What if you could save thousands on taxes while teaching your kids about money and setting them up for the future? In this episode, James Nutter and Jeff McPherson break down a creative, compliance-ready way to do just that—by putting your kids on payroll.

Episode Notes

In this powerful episode of the Life Well Lived: A Physician’s Guide to Wealth podcast, James Nutter invites you inside a live masterclass that’s part personal story, part tax strategy, and fully packed with actionable steps.

Alongside his business partner and mentor, Jeff McPherson, CFP®, James explores how 1099 physicians can leverage a little-known tax optimization strategy: legally hiring their kids to work in their business. From Jeff’s childhood story of earning a Nintendo 64 through Saturday shifts with his dad, to a whiteboard walk-through of a dual physician household case study, this episode is equal parts heart and how-to.

You’ll learn how to:

• Shift income to your kids (within IRS guidelines),
• Create custodial Roth IRAs or 529s,
• Build a legacy of financial literacy, confidence, and compounding growth.

And yes—there’s even a shout-out to NFL Blitz and the joys of six $1 bills in a child’s hand.

Key Takeaways:

• Build Legacy While Saving Taxes
  By paying your kids for legitimate business tasks, you can reduce taxable income while contributing to their Roth IRA or college savings accounts.
• It’s Not Just About the Money
  Letting your kids earn, spend, and save creates powerful money memories that last longer than any allowance.
• Start with Your Values
  What do you want to teach your kids? Aligning your financial moves with your family values creates a ripple effect for generations.

🔹 Resources & Next Steps:

• Download the PSLF Hacks Checklist
• Book a free financial wellness session with James
• Get access to exclusive physician financial tools at www.imwealth.com
• 1% of IM Wealth’s revenue is dedicated to providing scholarship funds to medical students. Learn more about the Meaningful Journeys Scholarship and how you can join the fight here.
• Learn more about the impact IM Wealth is making in the lives of physicians here.
• Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here.

About the Show:

This isn’t just another finance podcast—it’s a movement. We’re challenging the status quo, cutting through the noise, and giving physicians real strategies to take control of their money and their future. 

Because true wealth isn’t just about numbers—it’s about freedom.

Find and follow the show on YouTube. 

About James Nutter:

James Nutter is on a mission to help physicians reclaim their financial power. With a deep understanding of the unique challenges doctors face, he provides real-world strategies that cut through the noise and lead to lasting financial freedom.

Follow James on Instagram.