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FREE Tax Tips and Updates

Browse our blog for helpful tax planning and preparation information.

Reduce Your Taxes!

6/1/2018

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Tax reform changed the rules of the game when choosing your best tax structure.
 
In looking over the possibilities, we note that a properly structured spousal partnership could be your best choice.
 
Here are the tax benefits to you:
 
  • Your spouse’s income is free from self-employment tax.
  • You and your spouse both still qualify for the new pass-through income deduction under Section 199A.
  • The IRS audits partnerships at a much lower rate than proprietorships (Schedule Cs).
  • You don’t have to worry about the costs or hassle of running payroll or determining your reasonable compensation as you would if you operated the business as an S corporation.
 
Here are the potential issues:
 
  • The passive activity rules limit your spouse’s use of any losses against regular income.
  • Your cost of preparing a partnership return (but you’d have this cost with an S corporation too).
 
If you would like to discuss how your choice of business entity works in today’s tax environment, please don’t hesitate to contact us.


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    Important Disclosures


    Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

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    To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
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    These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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    Author

    Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion.  Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

    Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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