Sole Proprietorships and spouses

Q. My spouse has a sole proprietor business and would like to hire me as an employee. How do I go about paying myself?

A. The IRS has a special category for this type of business where a “sole” proprietor can actually be two spouses in certain cases. This election is called a “Qualified Joint Venture”. Further in-depth discussion of this can be found on this page. Per the IRS website, “The spouses must share the businesses’ items Read more »