Mark Kohler walks through four quick tax moves before December 31: pay family members through your business, get your spouse on an S corp W-2 to fund a 401(k), set up a Solo 401(k) to max contributions, and handle Q4 payroll correctly.
If your kids are working in the business and you fail to pay them properly through the business, you've got to go back and do that. If you're going to pay your spouse, it would be through the S corporation and a W2 so you could fund his or her 401k.
But also for those of you self employed with the Solo 401K or those of you that want a Solo 401K, you got to set up that Solo 401K plan by year end to get maximum employee and employer contributions. For those of you who have an S Corp right, you need to get your W2 dialed in,
which means your fourth quarter payroll is very important.
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