A Business Owner’s Employed Spouse Receives a Bonus: How Should We Deal With It?

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In episode 157 of Financially Simple, Justin looks at the possible gains and pitfalls that can be had when a spouse receives a bonus from their employer.

Receiving a money bonus for your work is great! But, what if it’s your significant other that receives it? How will that extra income affect your business and personal finances? Justin goes over this particular scenario, and gives advice on how to best handle it.

RELATED ARTICLE: http://financiallysimple.com/tax-issues-solutions-spouse-bonus/

TIME INDEX:

01:48 - A Business Owner’s Employed Spouse Receives a Bonus: How Should We Deal With It?

03:29 - Possible Problems

04:31 - What You Could Do

04:58 - Consult Your T-Chart

05:17 - Reduce Your Own Income to Increase Your Business’s Profits

07:00 - Tax Considerations

07:42 - 6 Considerations

08:23 - Solidify Your Emergency Fund

09:34 - Defer the Bonus into Your Spouse’s Retirement Account

11:15 - Pay Off Unsecured Debt

12:08 - Make an Extra Payment on the Mortgage

14:37 - Spend the Money and Create a Memory

16:09 - Wrap Up

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Financially Simple vlog and podcasts are recorded on: Yeti Blue Microphone: https://amzn.to/2VB6V7x Laptop: https://amzn.to/2F4Nj2c

DISCLAIMER:

The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States. Host Justin Goodbread is a serial entrepreneur, CFP (Certified Financial Planner), CEPA (Certified Exit Planning Advisor), CVGA (Certified Value Growth Advisor), Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional.

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