Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a Text Message.
Do you want to learn the ins and outs of hiring your spouse for your small business? In this episode of the Small Business Tax Savings Podcast, Mike takes a deep dive into the tax implications of hiring a spouse and how to make sure you stay on the right side of the law. Learn about the advantages and disadvantages of taking this route, such as increasing retirement contributions and gaining access to fringe benefits, but also paying additional taxes.
Mike explains why having your spouse serves as a board member may be more beneficial than simply having them work for you, what documentation must be kept in place, and how to best utilize this strategy to maximize tax savings for your business.
Tune in now and listen as Mike teaches the ins and outs of hiring your spouse for your small business!
[00:27] Maximize Your Retirement Savings
[02:33] Reasons To Hire A Spouse
[06:04] The Benefits And Disadvantages Of Hiring Your Spouse
[12:20] Closing Segment
Key Quotes
“If you hire your spouse in your business and you pay them cash wages or direct deposit wages, you're simply moving income from one area of your return to another. So you're getting a tax deduction from paying them wages, but now you're reporting that as income on the tax return that you guys do together.” – Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
IncSight Packages: https://incsight.net/pricing/
Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
--------
To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
Should I Stay a Sole Prop or Organize an LLC or Corporation?
What Initial Things Should I Consider When Starting A New Business?
What Can I Deduct As A Business Expense?
Small Business Tax Savings Podcast - 3 Years in Review + Promo
What Do I Need To Know About Retirement Plan Deadlines?
How Does The Child Tax Credit Work For 2021?
How Can I Deduct 100% of Employee Recreation and Parties?
How Do I Avoid A Big Tax Bill Or Surprise?
How Are Start-Up Costs Handled?
What Are Baseline Tax Strategies vs Advanced Tax Strategies?
I Accidentally Paid For Business Expenses Using Personal Funds, Now What?
Modernizing Your Small Business w/ Special Guest Gordon Henry
Why Should I Hire My Kids In My Business?
What Do I Need To Know About Meal Expenses For 2021?
How Do You Get Profits Out Of Your Business?
What If I Cannot Afford To Pay My Taxes When Due?
Is It Fine To File An Extension And What Do I Need To Know About Tax Extensions?
Can I Have A Home Office If I Have Another Office?
American Rescue Plan Act – What Do I Need To Know?
Do I Need To File A Tax Return (Personal or Business)?
Create your
podcast in
minutes
It is Free
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money