How To Hire Your Spouse To Save On Taxes

[@couturebonanza6525]

I gain, so much knowledge from your videos. Thank you

[@mycpacoach]

Happy to hear that! Thank you

[@dennisturskey597]

decent video. could have used more info at the end. Mentioned 1099 in the very beginning but didn't even mention it at the end, Wouldve been nice to compare 1099 to w2 and pro's/cons of each.

[@coachcortneyrose]

Great breakdown! Your clear explanation makes a complex topic easy to understand. Looking forward to implementing these strategies to save on taxes. Thanks for sharing your expertise!

[@mycpacoach]

Thank you, Cortney 🙏🏽

[@h.jnguyen2939]

Thank you for your video, it’s very helpful. I have a question about retirement plan for spouse in the business. If my business have several employees, and I just want the plan for two of us, it’s possible to do that, or I have to do the same for employees. Thank you and look forward to hearing from you.

[@mycpacoach]

You’re welcome. You’d have to setup a 401K plan for the entire company, which would include your employees. Though, this does not mean you have to offer them a company match. Some companies do a 0% match on the employer side, allowing for you and spouse to take full advantage of employee contribution limits ($23K each in 2024).

[@laurenpage3301]

Me again the Etsy seller ! So I started a third shop and my husband does alotttt of the work for this shop and my first shop as well (sanding items cutting boards etc) my cpa didn’t seem to think I should hire him and I’m widening why now after this video. Maybe he didn’t think he was actually “working” the businesses but he is so I need to revisit this when filing next year. Is it best to 1099 him since Etsy uses my ssn as sole proprietor and I’m Not sure how to add him as partner. I assume it’s best to w-2 him vs 1099 to save on self employment taxes he would then have to pay

[@doughines4967]

Thank you for a clear explanation! I am owner operator of an HVAC business, and was looking to hire my wife. Any suggestions on payroll, or how to go about paying her appropriately?

[@mycpacoach]

Glad you found this helpful. I have a video about payroll providers on our channel that may be helpful. But you may want to seek specific tax advice from a CPA related to the best way to associate your spouse with your HVAC business, as there are a few key factors to consider. You can schedule a free consult with my team on my website, if interested.

[@maiyouavang6291]

Hi, thanks for great videos, I watched a lot of your videos and they are very informational. So, in regard to this specific one: I am partner with two sisters, which options would be more beneficial. Get all of our spouses involve as partners or board members? You briefly mentioned board member but didn’t go into details on the board member. If we list the spouses as board members, do we have to create payroll for them? Can you please provide more information on this? Thank you.

[@mycpacoach]

The payroll requirement will depend on your entity (Ex: S-Corp vs LLC) and how you pay them will depend on their classification (owner, employee, contractor, etc.). Their classification will ultimately depend on the type of services they perform for the company. Because there are so many factors at play, I’d suggest getting a CPA involved to properly map this out for you.