EP28: Paying Yourself A Reasonable Salary and What To Know

<p><span style="font-weight: 400;">Are you one of the many business owners who are confused about how much you need to be paying yourself what is considered reasonable compensation from your S-Corp? This episode will help you understand the fundamentals of paying yourself as an S Corp owner that most accountants don't talk about. <br /> <br /></span><strong>KEY TAKEAWAYS: <br /> <br /></strong><strong>✔️</strong> <span style= "font-weight: 400;">Ensure that you are not paying yourself if you are a single-member LLC or a multi-member LLC. Many payroll companies don't understand, and they don't give you guidance based on your entity. <br /> <br /></span><strong>✔️ </strong> <span style= "font-weight: 400;">If you don't pay yourself a reasonable compensation, you have a huge risk of getting audited. And if you do get audited, you're going to spend so much money on penalties, interests, plus aggravation and stress proving to the IRS that you need to pay yourself a reasonable amount of compensation if you are an S Corp. <br /> <br /></span><strong>✔️</strong> <span style= "font-weight: 400;">Don't</span> <span style= "font-weight: 400;">just come up with the numbers off the top of your head without any background information. Determine what's reasonable by researching salary.com, indeed.com, monster.com to compare pay rates applicable to your role.<br /> <br /></span><strong>✔️</strong> <span style= "font-weight: 400;">It's vital to have the proper guidance from an accountant who asks you specific questions and lets you know how much your salary should be based on the state or the industry you're in.<br /> <br /></span><span style="font-weight: 400;">Did you ever imagine spending this much time on your financials?<br /> <br /></span><span style="font-weight: 400;">IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today:</span> <a href= "https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbGRyMEpoTUt2di1pbmlROXhvY2FnOWVRbWhFUXxBQ3Jtc0ttNkp1RC1JYWJXZVhRdzRseWNxVm1zTHVYZDJjSVdMUlNxX0Ix