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
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.
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.
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.
@@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.
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
Ha, everyone is raising an issue with the “spouse” title and I’m over here screaming, “Karlton! No 401(k)aos here!” Hahaha, forgive me guys, but I don’t not have a favorable view on that particular product.
@adrianarceo2809 He spoke as he wanted to. But his audience is broader than the demographic he addresses. Considering the number of business owners who are women and are married also, making thart small change would be more appealing to that target market, expanding his reach, potentially his client base and his influence.
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Such valuable information. Thank you!
Very good info. Love the videos. Keep um going. I'm in
GOOD ONE BRO.. GOOD IDEA.. ALL THE INFO U BE THROWIN HELPS IN DIFF WAYS
The same tips apply if we want to hire our husband, right? So the video is for hiring your spouse. Very educational video.
CSUF guy. Very knowledgeable and smart!!
What about for kids? That way i could setup a Roth account too
Only the daughters according to him. The sons should clearly have their own income stream. 😂
Great information thank you for sharing.
I appreciate your content. You drop a lot of Gems.
What if you hire them for their second job
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
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
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.
Does this also work for an S Corp ?
Does this work for husband's to or just wife's? (Being hehe not serious)
How Shaq rescued his momma from the RatRace.
Can you buy land under LLC?
GOOD STUFF
And this is why people should choose their spouses carefully.
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.
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.
@@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.
Is it the same benefits with a girlfriend vs. spouse?
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
Ha, everyone is raising an issue with the “spouse” title and I’m over here screaming, “Karlton! No 401(k)aos here!”
Hahaha, forgive me guys, but I don’t not have a favorable view on that particular product.
Dope
💯 again
Oh, I'm not married
Thanks you. I'll use this for my HUSBAND. (spouse is the ideal word here)
is that a Royal Oak in rose gold?
😂😂😂
Great video. I recommend a redo and use the language "spouse" instead of "wife".
Let the man speak however he wants to speak.
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?
@@DividendStockpile
Use the same logic and apply as needed…. 🤦♂️
@Zluke5750 it's not a matter of logic. It's a matter of recognizing the demographics of the audience.
@adrianarceo2809 He spoke as he wanted to. But his audience is broader than the demographic he addresses. Considering the number of business owners who are women and are married also, making thart small change would be more appealing to that target market, expanding his reach, potentially his client base and his influence.
spouse spouse spouse come on people stope it with the woke stuff.
Spouse. How to pay your spouse.
How brave of you
Hurt. How to be hurt.
Well yeah! If the wife owns the business, she can pay her husband 🤷🏾♀️ Useful advice for paying your spouse goes both ways. Very nice.
How to pay your dishwasher 😂🎉🎉🎉
THIS!!!! What a way to exclude women business owners who aren't gay. Ugh!
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...
Dennis you the BEST!