How to Pay Your Wife Through Your LLC

Рет қаралды 15,171

Күн бұрын

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Many business owners decide that they want to add their wives to their LLCs at some point. But, one of the main things that a lot of these people struggle with is figuring out how to pay their wives correctly so that they can avoid trouble with the IRS. When it comes to paying your wife in an LLC, there are a number of different ways to do it.
In this video, tax expert Karlton Dennis breaks down exactly how to pay your wife in your LLC. He explains the different options for doing this including adding her as an employee, paying her as an independent contractor, or adding her as a member, or owner of the business. There is not one overall best option.
The option that is right for paying your wife through your LLC depends heavily on the particular circumstances of your business. The way that you decide to pay your wife through your business can have substantial tax and accounting implications. Karlton explains these in detail in this video.
CHAPTERS:
0:00 Intro
0:38 Adding Your Wife to Payroll
0:50 SPONSOR: Tailor Brands
1:46 Making Your Wife an Employee of Your Business
3:01 What are the Benefits of Adding Your Wife to Payroll
4:41 Hire Your Wife as an Independent Contractor
6:32 Make Your Wife a Member of Your LLC
7:58 The Bottom Line
8:32 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#llc #wifeonpayroll #taxplanning

Пікірлер: 47

@karltondennis Ай бұрын

Starting or running an LLC? Make sure you check out Tailor Brands here: tailorbrands.go2cloud.org/aff_c?offer_id=62&aff_id=3230&aff_sub2=wife

@johnnyedwards9737 Ай бұрын

GOOD ONE BRO.. GOOD IDEA.. ALL THE INFO U BE THROWIN HELPS IN DIFF WAYS

@Local11-m9r Ай бұрын

Such valuable information. Thank you!

@jblount42 Ай бұрын

I appreciate your content. You drop a lot of Gems.

@RWalker69 29 күн бұрын

Great information thank you for sharing.

@rlandauro Ай бұрын

CSUF guy. Very knowledgeable and smart!!

@natej6671 Ай бұрын

GOOD STUFF

@InfiniteRebirthliving000 27 күн бұрын

Dennis you the BEST!

@johnheine4099 Ай бұрын

What about for kids? That way i could setup a Roth account too

@adventuresona700dollarhard5 29 күн бұрын

Only the daughters according to him. The sons should clearly have their own income stream. 😂

@Smileyb8711 29 күн бұрын

The same tips apply if we want to hire our husband, right? So the video is for hiring your spouse. Very educational video.

@moomanchu608 Ай бұрын

What if you hire them for their second job

@ivanarquezjr1314 9 күн бұрын

Does this also work for an S Corp ?

@tyr7416 3 күн бұрын

Can you buy land under LLC?

@Silk9482 Ай бұрын

Is it the same benefits with a girlfriend vs. spouse?

@Roberto-gp3yx 29 күн бұрын

I think it’s the same but I think the benefits are greater when one is married to their spouse compared to when they are dating and she is simply their gf When married you have one house hold, dating you have separate households I for one wouldn’t employ a gf This is my opinion hopefully he answers your question

@nahugutierrez5325 25 күн бұрын

Does this work for husband's to or just wife's? (Being hehe not serious)

@brandonmcbride4350 Ай бұрын

💯 again

@tate6809 Ай бұрын

Those seem like very minor reasons to go through a lot of trouble of having an employee on the books. And "If you hire your wife as a contractor you won't have to pay payroll taxes, but she will" ...so what is the point? Are you talking to people who are married but don't file joint returns? I mean, all the things being said technically are not wrong, they just don't really actually make much sense in practical application.

@probst9999999999 Ай бұрын

If you avoid the self employment tax then that makes up for it and also gives her social security, plus you can do like 70k per year in 401ks if you do it right.

@tate6809 Ай бұрын

@@probst9999999999 "avoid the self employment tax" what do you even mean by that? You think self employment tax is voluntary or optional? It can't be avoided, it's just moved from the husbands business to the wife, and since they are well, married, there is no point in moving from one to the other. Social security advantages that would go to her would be taken away from the husband, and if the husband dies then unless the wife made more in her lifetime, it would be better for the wife to take the larger survivor benefits of her husband. The 401k contributions are the only legit piece of advice, but again thats a lot of work to go through just to be able to use that one particular sort of retirement investment, when there are plenty of other options out there.

@algeriennesaffaires7017 Ай бұрын

What about those who fear their wife's may flip and decide to file for divorce, she didn't build the business is she going to take 50% of the company

@firehorsewoman414 Ай бұрын

Whether she or he is a member or not, as a spouse they can still lay claim under certain circumstances to a part of the business. If you don’t trust your judgment on picking a partner, then get a pre-nup

@crazycdn8327 28 күн бұрын

Then they made a terrible decision in a spouse and now it’s going to cost them financially. Tough situation but they should look at it like a very expensive education in a sense.

@firehorsewoman414 Ай бұрын

And this is why people should choose their spouses carefully.

@AGpublishingVidz 29 күн бұрын

How Shaq rescued his momma from the RatRace.

@user-fq8kv5wb7z 27 күн бұрын

Oh, I'm not married

@letsgobrandon1719 Ай бұрын

is that a Royal Oak in rose gold?

@Taylor-or1kj Ай бұрын

😂😂😂

@retrodqfan Ай бұрын

spouse spouse spouse come on people stope it with the woke stuff.

@lovliNY Ай бұрын

Thanks you. I'll use this for my HUSBAND. (spouse is the ideal word here)

@monicabland2974 Ай бұрын

Great video. I recommend a redo and use the language "spouse" instead of "wife".

@adrianarceo2809 Ай бұрын

Let the man speak however he wants to speak.

@DividendStockpile 23 күн бұрын

It’s so bad. He assumes all businesses are owned by men? How about LGBT+ communities? Or someone who chooses not to be married to their partner?

@Zluke5750 10 күн бұрын

@@DividendStockpile Use the same logic and apply as needed…. 🤦‍♂️

@robinnmentz 28 күн бұрын

I hate to say this, but you're being kind of sexist. It should be spouse. I, the wife, am the business owner in the family...

@adventuresona700dollarhard5 Ай бұрын

Spouse. How to pay your spouse.

@JRJRDog Ай бұрын

How brave of you

@CageFreeLowFatSugarFreeRange Ай бұрын

Hurt. How to be hurt.

@WholeHeartily Ай бұрын

Well yeah! If the wife owns the business, she can pay her husband 🤷🏾‍♀️ Useful advice for paying your spouse goes both ways. Very nice.

@gkenobi559 Ай бұрын

How to pay your dishwasher 😂🎉🎉🎉

@livetodance30 Ай бұрын

THIS!!!! What a way to exclude women business owners who aren't gay. Ugh!