Hire Your Spouse - How to Claim Valuable Business Deductions
For small business owners, hiring a family member is one of the soundest tax strategies available. However, many small business owners do not fully grasp the regulations and advantages of doing so. Some spouses are heavily involved in the family business, and some work more behind the scenes. Both situations can result in substantial tax savings. Depending on the type of entity, ownership structure, revenue, age of owner and spouse, and number of outside employees, there are several ways to maximize savings.