#510 Listen to this Before Putting Your Spouse on Payroll

from Main Street Business · host Mark J Kohler and Mat Sorensen

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 unemployment taxes.The benefits of using board of directors/advisors roles for spouses.Outline of the advantages, including solo 401k contributions for spouses and maximizing retirement savings through payroll.Scenarios where spouses must be on payroll due to material participation.Ensuring compliance with tax laws and regulations.Grab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street America: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohlerCraving more content? Check out my Instagram!

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How long is this episode of Main Street Business?

This episode is 25 minutes long.

When was this Main Street Business episode published?

This episode was published on July 2, 2024.

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