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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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    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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    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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