#510 Listen to this Before Putting Your Spouse on Payroll

Main Street Business

Mark J Kohler and Mat Sorensen

Management, Tax Tips, Entrepreneurship, Accounting, Business, Business Structure, Estate Planning, Tax Reform, Legal Compliance, Tax Prep, Tax Strategies, Financial Reporting, Irs Updates

4.8 • 584 Ratings

🗓️ 2 July 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen unpack the advantages and disadvantages of putting your spouse on the payroll. They shed light on potential pitfalls, discuss savvy alternatives such as board roles and Roth IRAs, and highlight the benefits of Solo 401k contributions and HRAs. Here's what you can look forward to: Mark and Mat break down the common misconceptions about paying spouses.Additional payroll costs including FICA, Medicare, and...

Transcript

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0:00.0	They still get a social security benefit that's half of what your benefit was.
0:03.4	Even if they didn't work one day.
0:04.9	And even if you get divorced, they're still going to get that.
0:07.6	Yeah. Even if you die, they're still going to get that. Now, here's another thing you can still do with your spouse without having them on payroll. They still feel compensated, but you didn't put it on a W-2. They're on the board.
0:18.2	You're covering all these other expenses.
0:19.8	It's a win, win, win.
0:20.8	What do you feel is your best, most safe investment?
0:24.5	No. to. They're on the board. You're covering all these other expenses. It's a win, win. What do you feel
0:21.4	is your best, most safe investment? Welcome, everyone, to the Main Street Business Podcast. This is Matt Sorensen joined by the Insatiable, Mark J. Kohler. Insatiable. I love these new adjectives. You've been playing around with the source a little? Insatiable, yeah, that's a great one. Okay. I'll use that.
0:37.4	Look it up, folks. Look it up, folks.
0:38.3	Look it up, folks.
0:39.3	You just can't get enough of them.
0:40.7	That's what is Mark Trich-Coy.
0:42.0	He just, it's insatiable.
0:43.3	He just can't get enough of them.
0:43.9	Well, thank you so much.
0:45.1	Well, thanks everybody for being here. This is going to be a great show today.
0:48.2	We're really excited about this.
0:49.6	For those of you out there that are married, sorry.
0:53.1	You saw on the title, should I pay my spouse or not?
0:55.5	Well, some of you are like, of course not.
0:57.2	And others are married. Sorry. You saw on the title, should I pay my spouse or not?
	...

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