Saturday November 21, 2009

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Tax Tips: Married to Your Business Partner?
You might be able to cut your self-employment tax dramatically with this savvy tax move.
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steph Posted: 12:23 AM On July 31, 2009
that is good news ... so if you decide to treat a community property state, husband wife LLC as a single member (ie sole prop instead of a partnership) then file a joint return and only have to pay SE tax once . my question is then.... do you both get SS benefits for the future as well even though you only paid SE tax once?
Michael T. Hanley, CPA Posted: 9:15 PM On July 5, 2009
Bill,

Great article! I posted a similar explanation on my blog last summer (When Your Partner Should Also Be Your Business Partner):

http://mhanleycpa.blogspot.com/2008/08/when-your-partner-should-also-be-your.html

Michael T. Hanley, CPA is the Managing Partner of the Smithtown, NY CPA Firm, Merl & Hanley, LLP and the author of Effective Tax Planning for the MicroBusiness (available in bookstores nationwide or online at www.30minutebooks.com)
BIGWEEDS Posted: 5:37 PM On April 12, 2009
Folks,
If you follow the advice in this article, please be aware that the partner that is not listed as the sole proprietor receives no credit towards their future social security - retirement benefits. You know the ole saying pay them now or do not collect retirement from the US of A.
Regards
nolosoft Posted: 2:57 AM On April 9, 2009
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