Running a business with your spouse? If the answer is “yes,” some thoughtful tax planning can boost your after-tax profits. Big time!
In Part 1, we explained how you can slash taxes by operating your business as a proprietorship and hiring your spouse. In this, my latest article (Part 2), you’ll learn how to achieve tax-favored status so you both can work together and pocket the significant tax savings we discussed in Part 1.
You’ll get the whole story when you read my new article titled Tax Tips: Legal Structure to Save Taxes for the Husband-and-Wife Business (Part 2 of 2).
Three ways our fact-filled article can help you:
- We’ll tell you how to avoid the dangerous “partnership rules” trap. If you don’t make a plan for husband-and-wife participation in your business, IRS partnership rules could deny fringe benefits to you and your spouse. The result? Increases in your combined self-employment taxes. You’ll get all the facts when you read the full article.
- We’ll show you how to avoid three common (and serious!) problems. All too often, husband-and-wife teams file incorrectly. They make the common mistake of ignoring the non-proprietor spouse in spite of his or her ownership and effort spent on behalf of the business. You’ll learn how to avoid problems that can arise from this mistake when you read the full article.
- You’ll learn how to make sure your spouse is an “employee.” To help ensure that your spouse is a bona fide employee (and not a “joint operator”), there are seven crucial guidelines you should follow. You’ll find them listed when you read the full article.