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: BLOG: Tax Issues (and Solutions) When Your Spouse Receives a 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
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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