Manage episode 231788774 series 1923829
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.
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ARTICLE TRANSCRIPT: https://financiallysimple.com/hiring-spouse-employee-numerous-benefits/
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
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.