Should I Put My Spouse on the Business Payroll?

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By Justin Goodbread. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

In episode 149 of Financially Simple, Justin looks at how to approach putting your spouse on your business’s payroll.

There can be a number of benefits to having your significant other working for you at your business. Justin goes over some of the reasons and legal ways to improve both your benefits, deductibles and taxes.

Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

ARTICLE TRANSCRIPT: https://financiallysimple.com/hiring-spouse-employee-numerous-benefits/

TIME INDEX:

01:02 - Should I Put My Spouse on the Business Payroll?

03:00 - To Maximise Your 401k

06:49 - Health Insurance Benefits

10:34 - Social Security Benefits

16:20 - Legally deduct Travel Expenses

16:54 - Group Disability Insurance

17:32 - Buying a Third Vehicle

17:54 - Reduce Your Company’s Taxable Income

18:03 - Spouse’s Education Expenses

18:57 - Wrap Up: The Employee Spouse

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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.

192 episodes