May 20, 2019
In episode 157 of Financially Simple, Justin looks at the possible gains and pitfalls that can be had when a spouse receives a bonus from their employer.
Receiving a money bonus for your work is great! But, what if it’s your significant other that receives it? How will that extra income affect your business and personal finances? Justin goes over this particular scenario, and gives advice on how to best handle it.
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RELATED ARTICLE: http://financiallysimple.com/tax-issues-solutions-spouse-bonus/
01:48 - A Business Owner’s Employed Spouse Receives a Bonus: How Should We Deal With It?
03:29 - Possible Problems
04:31 - What You Could Do
04:58 - Consult Your T-Chart
05:17 - Reduce Your Own Income to Increase Your Business’s Profits
07:00 - Tax Considerations
07:42 - 6 Considerations
08:23 - Solidify Your Emergency Fund
09:34 - Defer the Bonus into Your Spouse’s Retirement Account
11:15 - Pay Off Unsecured Debt
12:08 - Make an Extra Payment on the Mortgage
14:37 - Spend the Money and Create a Memory
16:09 - Wrap Up
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.