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SLASH SELF-EMPLOYMENT TAXES BY RENTING FROM YOUR SPOUSE
For those of you who are sole proprietors, you know that the 15.3 percent self-employment tax can eat up your profits in a hurry.
 
You may be able to use a simple strategy to ease this tax burden.
 
If you own an office building or other assets, you can set up a rental arrangement with your spouse that could significantly cut your self-employment taxes.
 
Here’s an example of how this strategy works:
 
Wendy operates a sole proprietorship and earns $100,000 of net income. This income creates 
a self-employment tax liability of $14,129.55.
 
Wendy gives the office building to Jim, her spouse, who then rents the office space back to Wendy. Wendy pays Jim $2,000 rent each month (the fair rental value of the building), which moves $24,000 off Schedule C and onto Schedule E. Schedule E, unlike Schedule C, does not give rise to self-employment taxes.
 
The rent-from-my-spouse strategy cuts Wendy’s self-employment income by $24,000, which puts an extra $3,391.09 of cash in her pocket at the end of the year. And she plans on doing this for at least 10 years, which means she’ll pocket $33,910.90 before considering her investment earnings on this money.
 
If this idea sounds interesting to you, please call me at the office on my ... more

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