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Andrew Schwartz CPA
Dec 24, 2011 - 11:21AM
Re: LLC members...

I think the safest route would be to pay your wife a salary through your LLC to allow her to max out the retirement plan contributions. This will mean that she won't need to made a part owner of the LLC. Plus, you would pay equivalent Social Security and Medicare taxes by employing your wife as she would pay if she picked up a portion of the LLC income.

You can maintain a Solo 401k if the only participants to the plan are two spouses, and no other employee works more than 1,000 hours per year for your practice.

Also, when employing a family member, remember, that you should only compensate a family member a fair wage for services provided.

Zip Code: 01801

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