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HBO and The Ringer's Bill Simmons hosts the most downloaded sports podcast of all time, with a rotating crew of celebrities, athletes, and media staples, as well as mainstays like Cousin Sal, Joe House, and a slew of other friends and family members who always happen to be suspiciously available.
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Today, we’re answering a smart question from a viewer about hiring a spouse or children in a family business. When structured properly, this strategy can create meaningful tax deductions, help a spouse build Social Security benefits, and even give children a head start on retirement savings. But if handled carelessly, it can raise red flags with the IRS.
Here’s some of what we discuss in this episode:
📋 What the IRS looks for in legitimate family employment
💼 Payroll tax deductions that can benefit your business
🧾 Why documenting hours and wages accurately is critical
🏢 How your business structure (LLC, S Corp, etc.) changes the rules
🛑 Common IRS red flags and audit triggers
Get your copy of Power Up Your 401K in our toolkit: https://keap.page/ngt919/toolkit.html
Follow along on YouTube: https://www.youtube.com/channel/UCEE5ZkDedYTsKzkh2UxQ9Sg
Book your 401(k) Onboarding Meeting with Steve: https://calendly.com/steven-powerhouse-advisor/401-k-retirement-meeting-1-hour-clone?month=2024-12
Other ways to get in touch:
Phone: (775) 266-8867
Our website: https://powerhousefinancialadvisors.com/
Email: [email protected]
LinkedIn: https://www.linkedin.com/company/powerhouse-financial-advisors/
Facebook: https://www.facebook.com/PowerhouseFinancialAdvisors
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