My wife and I are in the process of rebuilding a real estate company we have had in the past, we did quite well in the past but it was very slowlane oriented and more instant gratification than fastlane escape the race.
I have our LLC setup as a sole proprietorship, my wife has no W2 income, I do but we share the finances and will soon be making close or slightly over my w2 salary within our first "fiscal year". My thought is if we should be paying my wife a salary out of the LLC in order to lower the overall tax bill of the business and help to cut down on some of the overall overhead from our friends at the IRS. I looked into doing this for both her and I, I am not interested in solo 401(k)'s for either of us for a very lengthy discussion, but they just dont fit our roadmap.
I know we need to run this by our CPA for 100% legal advice but I wanted to bounce off some ideas in here before talking with our CPA.
I have our LLC setup as a sole proprietorship, my wife has no W2 income, I do but we share the finances and will soon be making close or slightly over my w2 salary within our first "fiscal year". My thought is if we should be paying my wife a salary out of the LLC in order to lower the overall tax bill of the business and help to cut down on some of the overall overhead from our friends at the IRS. I looked into doing this for both her and I, I am not interested in solo 401(k)'s for either of us for a very lengthy discussion, but they just dont fit our roadmap.
I know we need to run this by our CPA for 100% legal advice but I wanted to bounce off some ideas in here before talking with our CPA.
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