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re: How can I reduce my taxable income?
Posted on 4/19/12 at 2:03 pm to VABuckeye
Posted on 4/19/12 at 2:03 pm to VABuckeye
If he is the member of a SMLLC and working for the company, then he needs to pay a reasonable wage to himself and pay all taxes on that amount, ie SSI/Medicare, state and federal, etc. Excess income of the LLC, ie profit, can be distributed outside of those requirements although he would still owe Fed and state income taxes on it via his personal return. I am not getting involved in the rest of this.
1
Posted on 4/19/12 at 3:09 pm to tirebiter
I am good with all of the owner tax issues. The original topic was how to reduce taxable income and the idea of employing my wife was discussed. I was trying to figure out if I am going to lose out if I have to pay extra FICA and other BS for payroll on her wages. I want to stick all her wages In the company simple IRA plus 3% match.
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