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
“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
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