Some business owners can employ a spouse and work happily together.
Other business owners just can’t work with their spouse.
If you’re a person who can employ your spouse and make it work, I’ve got some good news for you.
You may be eligible to use some terrific tax-saving strategies.
As we’ll explain below, the key to making these strategies work is to use benefits to pay your spouse, rather than wages.
These strategies work whether you’re running a…
- Proprietorship
- Partnership
- LLC taxed as a proprietorship or partnership
But be careful. This totally-legal strategy can backfire and raise a red flag in front of the IRS. However, if you handle things properly, you can enjoy some extremely significant tax savings!
Want to find out how to save a whole lot of money?
“Five Things to Know About Employing Your Spouse”
Here are five ways to come out a winner:
- Pay your spouse tax-free employee benefits, not taxable wages.
- Establish a medical reimbursement arrangement.
- Take advantage of the fringe benefits your spouse can use.
- Avoid two fringe benefits that don’t provide any benefits.
- Set yourself up to prove that your spouse is your bona fide employee.
Be sure to read the full article