Hello,
I started my own self managed LLC this year and started to deposit income my wife earned on behalf of the LLC into our business account. Do I need to do anything special with a true payroll system or somehow link her as an employee to the LLC using my EID ?
Right now we have just been depositing the checks made out to both her AND directly to our LLC in that new business account.
Is this the correct way to do this for tax purposes or do I need to submit a request for revision on my self managed LLC to make her a managing partner as well? We do married filing jointly for our taxes but this will be the first year we record income under the new business LLC.
