One more thing I would suggest. It would be very productive to make a balance sheet with income on one side and expenses on the other. On the expense side list the most important in order from top to bottom so things like mortgage, tuition payments, etc. are listed at the very top.
Then go over it together to see where you can make cuts, and write down questions for your accountant. These are questions I would very much suggest that you ask.
If you and your partner and your wives each have your own cars, I would suggest that you and your partner share a car since you are together most of the day at your home and that you lease the three cars from your business. That way you can write it off as an expense through the business which you can’t do on your personal income tax.
Your medical insurance should be written through your business for both you and your partner because it would then be a group (even with just two people (families) and it would also be an expense through your business and can be written off as an expense also you won’t have to pay tax on that money as income and then pay more out of pocket cost for higher premiums on pre-taxed money.
In addition, you probably can take a tax break on your personal income tax for using your house, but ask the accountant if you can pay rent to yourself from your business and have a rental income on your personal tax return. The rental income might be taxed less that work income. I don’t know so you should ask. Also the rent is a business expense and can be written off as an expense on the business side.
All these adjustments can be made and then your accountant can tell you how to adjust your pay accordingly so that you benefit the most both for the business and your personal pocket.
In addition, you can see where else you and your wife can cut back on your monthly expenses. If you are in the red every month the both of you will need to make sacrifices. You will have to discuss that calmly. When she sees the balance sheet, she will have to decide whether she would rather give things up or work more and bring in more income. So things like cable TV might be on the “can go” list, as well as full time help which might have to be cut back to part time and your wife will have to pick up some of the slack. You might have to look for cheaper utility companies and maybe even get a business plan for your cell phones.
You might have to cut back on the wardrobe budget, entertainment budget, food budget, etc. The both of you will just have to have a reality check and do some real work until you bring the budget closer into balance.