Halfmore
About Halfmore
Halfmore provides a platform that allows parents to legally hire their children for household chores, converting these tasks into earned income eligible for custodial Roth IRA contributions. This approach enables families to initiate tax-free savings early, maximizing compound growth potential and significantly increasing their child's financial future.
```xml <problem> Many children lack the opportunity to build long-term savings due to the absence of earned income, which is a prerequisite for opening a custodial Roth IRA. Wealthy families often leverage legal means to employ their children, enabling them to contribute to Roth IRAs and benefit from tax-free growth, a strategy not easily accessible to all families. </problem> <solution> Halfmore provides a platform that simplifies the process of legally hiring children for household chores, converting these tasks into IRS-compliant earned income suitable for custodial Roth IRA contributions. The platform automates chore management, payroll processing, and tax form generation, ensuring compliance with labor laws and IRS requirements. By facilitating early Roth IRA contributions, Halfmore enables families to maximize the potential for tax-free compound growth, helping children build substantial retirement savings. The service handles the complexities of legal arrangements, work history documentation, and tax filings, making it convenient for parents to assign chores and manage their child's employment. </solution> <features> - Legal arrangement setup to legally hire children for household tasks - Chore management tools to assign, track, and document completed chores - Automated payroll processing to convert chores into earned income - Generation of IRS-ready work history documents, including W-2s - Tax form generation for federal and state tax filings - Custodial Roth IRA setup guidance - Mobile app for task management, compensation tracking, and record maintenance - Educational tools to teach children about money, work ethic, and long-term planning </features> <target_audience> Halfmore's primary customers are parents who want to provide their children with the opportunity to build long-term, tax-advantaged savings through custodial Roth IRAs. </target_audience> <revenue_model> Halfmore offers annual subscription plans starting at $15.99. </revenue_model> ```
What does Halfmore do?
Halfmore provides a platform that allows parents to legally hire their children for household chores, converting these tasks into earned income eligible for custodial Roth IRA contributions. This approach enables families to initiate tax-free savings early, maximizing compound growth potential and significantly increasing their child's financial future.
Where is Halfmore located?
Halfmore is based in Stanford, United States.
When was Halfmore founded?
Halfmore was founded in 2023.
How much funding has Halfmore raised?
Halfmore has raised 1100000.
- Location
- Stanford, United States
- Founded
- 2023
- Funding
- 1100000
- Employees
- 4 employees
- Major Investors
- Draper Associates