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Financially Simple - Small Business Support


The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

Apr 22, 2019

In episode 149 of Financially Simple, Justin looks at how to approach putting your spouse on your business’s payroll.

There can be a number of benefits to having your significant other working for you at your business. Justin goes over some of the reasons and legal ways to improve both your benefits, deductibles and taxes.

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ARTICLE TRANSCRIPT: https://financiallysimple.com/hiring-spouse-employee-numerous-benefits/

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TIME INDEX:

01:02 - Should I Put My Spouse on the Business Payroll?

03:00 - To Maximise Your 401k

06:49 - Health Insurance Benefits

10:34 - Social Security Benefits

16:20 - Legally deduct Travel Expenses

16:54 - Group Disability Insurance

17:32 - Buying a Third Vehicle

17:54 - Reduce Your Company’s Taxable Income

18:03 - Spouse’s Education Expenses

18:57 - Wrap Up: The Employee Spouse

 

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DISCLAIMER:

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.