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
What Year-End Tax Strategies Are Available to Business Owners?
What Do I Need to Prepare for Tax Savings At Year-End?
What is an Owners Draw vs Payroll When I Pay Myself As A Business Owner?
How Is My Business Entity Taxed?
How Can I Maximize Business Deductions and Write-Offs?
How Do I Write Off a Business Vehicle?
What Health Related Tax Strategies Should I Consider for 2022?
How Can I Utilize a Board Meeting for Tax Savings?
What Do I Need to Maintain My Corporate Entity?
What Do I Need To Know About 1099-NECs?
How Does the Home Office Deduction Work?
What Strategies Are Available To Increase College Financial Aid?
What Are The Basics Around Financial Aid For College? What Options Are Available?
What Options Are Available For College Saving?
Do I Have to Pay Taxes If I Sell My Home?
Interview with Dave Zook - Minimizing Taxes Utilizing Real Estate
What Entity Structure Should I Have For A Rental Property?
How Are Short Term Rentals Taxed?
What Expenses Are Available For Rental Properties?
What Is An Active Investor and Real Estate Professional?
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money