# so is your biz in your name or the wifes?



## payton (Nov 3, 2005)

ive been seriously thinking bout making the wife the bizz. owner for tax reason's then id take on a vp postion. in charge of everything. theres no worries bout the wife going anywhere. and if i can save some on tax's i see this as a win win situation. any insight b4 i do this/

payton


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## grandview (Oct 9, 2005)

Only that your wife will be your boss at home and work!


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## payton (Nov 3, 2005)

grandview;369556 said:


> Only that your wife will be your boss at home and work!


she isnt now? damn i must be doin summin wrong..


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## Sydenstricker Landscaping (Dec 17, 2006)

All me here. I am sure the wife is staying, but you just never know. Plus she only wants to do the office work anyway. That way she gets to deal with *****y customers,lol


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## JRSlawn (Jan 15, 2004)

You guys who put your bus in your wifes name are nuts. A buddy of mine thought he was going to get more looks if he had it in his wifes name making it a minority owned business. Well it work good for the first 5 years then she decided she wanted out and took the business now she is running it making money and he is working at a nursery. Can someone say prenup


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## cet (Oct 2, 2004)

My wife and I split the business 50/50. I make all the money and she spends all the money. LOL.


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## [email protected] (Aug 6, 2006)

My wife and I are both members of the corporation. Either way it doesn't matter. She will get half if she wants to leave so why not just make it that way up front.


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## payton (Nov 3, 2005)

i know she would get half if we split up.. but what im wondering is if the tax deductions is worth the hassle. 

payton


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## All_Clear (Jan 28, 2005)

My biz is still reg as sole proprietor but i too have thought of having it changed. 

I say it's a personal decision, only you know your situation.


All Clear


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## carl b (Dec 28, 2006)

can you say prenup!!!!!!!!!i don't have allot but its mine she gets nothing...ok maybe a small amount of cash


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## dodgeguy99 (Apr 18, 2006)

if you trust your wife put the biz in her name but you have to be 100% sure everything will be fine. because if something happens you will be out of a job and your business


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## All_Clear (Jan 28, 2005)

Well unless you orig had a prenup, your SOL if your wife leaves you.... she's going to get half, no matter who's name it's in. Thats pretty clear....

As far as the better tax breaks, i don't really know how much more you might save. I took a quick look but came up with nothing more then what you yourself could claim as deductions.

All Clear


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## Rcgm (Dec 17, 2000)

No it is al in my name.She don't even know how much money I make.LOL
We have been together for 10 years and married for 1 year.She thinks I make about 20 grand a year and that is fine with me  She has a really good job and she don't need any of my money.We pay our bills separately we are married but pay our bills like roomates LMAO


RCGM
Brad


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## payton (Nov 3, 2005)

Rcgm;369656 said:


> No it is al in my name.She don't even know how much money I make.LOL
> We have been together for 10 years and married for 1 year.She thinks I make about 20 grand a year and that is fine with me  She has a really good job and she don't need any of my money.We pay our bills separately we are married but pay our bills like roomates LMAO
> 
> RCGM
> Brad


well the wife didnt realize how much i made till we did tax's this year.after we broke 6 digits she looked at me and said where did it all go.. haha

payton


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## Rcgm (Dec 17, 2000)

Does anyone ever know where it goes?I sure and the heck don't.


RCGM
Brad


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## basher (Nov 13, 2004)

payton;369550 said:


> ive been seriously thinking bout making the wife the bizz. owner for tax reason's
> payton


How will that help you tax wise?


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## payton (Nov 3, 2005)

woman biz owner normally get bigger tax deductions


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## Mick (May 19, 2001)

There are no tax advantages that I know of. The advantage is in start-up funding for women-owned or minority-owned businesses.


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## basher (Nov 13, 2004)

Mick;369770 said:


> There are no tax advantages that I know of. The advantage is in start-up funding for women-owned or minority-owned businesses.


It could also be an advantage in bidding certain government contracts. Some large contractors advertise for minority owned sub-contractors to meet government requirements for large jobs. Many times the minority contractor doesn't even have to bid the job as the general is required to have a certain % of minority contractors employed on the project.


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## CHPL (Oct 26, 2003)

*wife owned business*

The business will still be taxed at the same rate based on income. There is no difference tax wise. There are advantages in certain cases regarding insurance and such. Most of this is for a sole prop or single member LLC. A few examples would be if you want to have, or need to be covered under workmans comp for commercial contracts. Workmans comp is based on payroll your salary or draw and risk for the tasks you perform. So if your wife is the owner and your an employee you can aquire workmans comp on you based on your hourly rate of say $10 an hour. Your wife as the owner waives workmans comp coverage because its optional for the owner to be covered. She can then take draws at a higher income level. The business (wife) can offer a Simple IRA plan were you can have upto $10,000 a year deducted from your pay for the ira and the business can match up to 3% (The 3% is a business expense) The best thing to do is see an Accountant before you do anything so that you can figure out what is best for your situation.


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## payton (Nov 3, 2005)

yeah i actually gonna be meeting with an accountant and a lawyer soon.. i just wanted some info b4 i go in. so my heads not completely up my ass.


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## mullis56 (Jul 12, 2005)

Payton, are you an LLC, S-Corp, what? Bottom line it won't make since from a tax perspective as far as I know. It would help if you got WBE certified for gov't (state/local) bid work but other than that no benefit at all. I was a business major, and took a lot of accounting, but take that for what it is worth.


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## SnowLady (Feb 11, 2007)

*Women tax dedutions,(my ars)??!!*

I am the business owner that started, runs it, sweats over the whole deal and all that goes with it. My husband only helps with the major equipment issues, keeping me in perspective (when I listen,LOL)  Other than that, I have yet found any tax related info for women in business, if there was I have yet found it unless they are of certain other qualifications that I do not qulify for.
I have been told a couple years ago, that I started 10 years too late. Then the pot of gold would have been at the end of my plow, LOL.

Prenup might not be even any good for you depending on the laws in your state. Here don't mean crap.


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## SkykingHD (Jan 31, 2002)

*pre nups mean nothing*

Summit County Domestic Relations Court is so female biased a pre nup means nothing. Buddy had one and DR court magistrate would not enforce it.

We had one judge John Quinn's magistrate base child support on the GROSS INCOME of a mans snow plowing and lawn care company. This magistrate Stoner would not allow normal and usual business expences that the IRS allowed.

If it is in wifes name and you get along good with her that is great but if she wants to take you for a ride in summit county Ohio.. hang on it is going to be a long and costly ride.


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## carl b (Dec 28, 2006)

i live in summit..maybe i'll move if we end up going to court..


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## Bernie Lomax (Mar 15, 2007)

payton;369825 said:


> yeah i actually gonna be meeting with an accountant and a lawyer soon.. i just wanted some info b4 i go in. so my heads not completely up my ass.


% ownership of the company really doesn't matter. If you get divorced, she's getting everything anyways.

Put the business in your name. Put your cars, house, anything else in her name. That way anything happens with the business you keep all your assets. Also look into declaring Homestead.

As far as taxes, pay yourself a minimal amount, and pay your wife a larger salary as an employee. The worker's comp rate will be MUCH lower on her and your % of payroll wont kill you.

Find a good accountant. They will tell you the same things.


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## grandview (Oct 9, 2005)

Hey Bernie,
Is there going to be a # 3 anything soon?


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