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Taxes for a husband wife team

Discussion in 'Ask An Owner Operator' started by bomoto, Jul 15, 2016.

  1. Jul 15, 2016 #1
    bomoto

    bomoto Light Load Member

    163
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    May 25, 2014
    Chattanooga Tn
    0
    So currently I'm a llc paying wife as an employee. I want to add her to the truck loan. I'm tired of paying workman's comp and another charge. What is the best option to keep taxes under control.
     
    bomoto, Jul 15, 2016
    bomoto, Jul 15, 2016
    #1
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  3. Jul 15, 2016 #2
    Old Man

    Old Man Road Train Member

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    Apr 3, 2009
    Oklahoma City, OK
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    The best way to avoid taxes is to not make any money,
    Can't you add your wife as a partner without putting her on the loan.
     
    Old Man, Jul 15, 2016
    Old Man, Jul 15, 2016
    #2
  4. Jul 15, 2016 #3
    bomoto

    bomoto Light Load Member

    163
    87
    May 25, 2014
    Chattanooga Tn
    0
    Nothe really for credit reasons I want her on the loan
     
    bomoto, Jul 15, 2016
    bomoto, Jul 15, 2016
    #3
  5. Jul 15, 2016 #4
    Accidental Trucker

    Accidental Trucker Road Train Member

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    Jun 4, 2015
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    Best options are to take all the per diem you can and take a modest salary and take as much as dividend as you can to avoid FICA.

    What does the loan have to do with it?
     
    Accidental Trucker, Jul 15, 2016
    Accidental Trucker, Jul 15, 2016
    #4
  7. Jul 16, 2016 #5
    bomoto

    bomoto Light Load Member

    163
    87
    May 25, 2014
    Chattanooga Tn
    0
    Gotta build commercial credit. I don't belive per diem is a good way to reduce taxes. It will come back to haunt you at retirement.
     
    bomoto, Jul 16, 2016
    bomoto, Jul 16, 2016
    #5
  8. Jul 16, 2016 #6
    Bamanator

    Bamanator Bobtail Member

    18
    9
    Jul 10, 2016
    0
    I have known people who always had 2 business. A lease company. Who owned all the vehicles. Even the wife's car. And the real company, which leased everything from the lease company. ??? Might want to check the possibilitys.
     
    Bamanator, Jul 16, 2016
    Bamanator, Jul 16, 2016
    #6
  9. Jul 16, 2016 #7
    Pepper24

    Pepper24 Road Train Member

    2,098
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    Dec 3, 2010
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    Running your own business is a little different.I wouldnt be to consumed about S.S.You need to have your own retirement planning .If it turns out your not making enough to do that you need to rethink what your doing.Having your wife listed as a employee is costing more on taxes I would change her to a 1099.Building commercial credit or business credit is almost impossible for a one owner truck your name is always going to be attached to the loan
     
    Pepper24, Jul 16, 2016
    Pepper24, Jul 16, 2016
    #7
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