![]() ![]() To understand why it’s cool, you should understand how most expense deductions work - very slowly. Not that you can actually deduct the cost of leather pants and sunglasses, but this is just the kind of deduction that small business owners scream for. Suddenly, you’re able to write off your spouse’s insurance, your insurance and your kids’ insurance. Which sounds great - being able to write off your spouse’s health insurance seems nice - but what’s the big deal? Well, consider that a health insurance plan can include not only the employee, but the employee’s family. ![]() ![]() (The day buying doughnuts becomes a tax write-off is the day I quit doing any work besides buying doughnuts.) It’s actually the opposite of doughnuts that’s going to help you save some money: If you hire your spouse and offer him or her health insurance, you can deduct those payments on your taxes. That doesn’t mean a corner office and morning doughnuts. Hiring a spouse can actually work extremely well in your tax favor if you’re willing to offer your loved one a few perks. It’s not just kind of you, or a way to make sure you both get the same time off during the holidays. Perhaps being a small business owner is a nice way to become closer to your husband - by giving him a job. Here’s another way to keep business in the family.
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