If you’re running your business, along with a spouse, my new article is for you.
You see, with a some smart tax planning, you can increase your after-tax profits and keep them where they belong. In your pocket or purse.
In this article (Part 1 of 2), we provide valuable information if you’re operating your business as a proprietorship and are the only person who manages and controls the business. Don’t miss it!
You’ll get the whole story when you read my new article titled Tax Tips: Legal Structure to Save Taxes for Husband-and-Wife Business (Part 1 of 2).
Three ways our fact-filled article can help you:
- Learn why it can make sense to hire your spouse. Did you know that you can provide your spouse with valuable employee fringe-benefits that are tax deductible for your proprietorship and tax-free to your employee-spouse? For example, he/she can receive payment of health insurance and all out-of-pocket medical costs using a Section 105 medical reimbursement plan. You’ll get all the facts when you read the full article.
- Learn why you should think of employee-spouse fringe-benefits as noncash wages. Health care insurance and other medical expenses cost a lot these days, so the noncash wage can be substantial. For example, you might be able to pay your employee-spouse with noncash benefits alone and not have to file a Form W-2 at least until 2014. Get the full story when you read the full article.
- We’ll tell you how to save on Social Security taxes. It’s a fact. Your proprietorship tax plan can save a lot on Social Security taxes if your business income exceeds the Social Security tax ceiling. Want to know what these ceiling are? You’ll find them listed and explained when you read the full article.