I have a little confession to make.
But first, raise your hand if you're confused about paying yourself?
Or, doubting that you’re doing so in the most beneficial and (eek!) legal way?
Ok, now keep it raised if… and this is a little embarrassing, I know… if you’re not even sure what type of business structure you should have?
Well, here’s the confession: Josh and I got this super wrong when we started out.
We wasted a lot of time and money because we just didn't understand the nuts and bolts of how to best organize our business and pay ourselves.
I mean, did we want the profits? Or did we actually want minimum wage?
It’s a total quagmire, and we crawled naively right through it. Yuck.
Fortunately, it seems we’re not the only ones.
I think Scoupie Louise spoke for a lot of us, when she asked on Facebook earlier:
‘When do you start paying yourself a wage? And how do you do it?’
And the tricky part is, it totally depends on what type of business you are to begin with.
But before we all get panicked over payroll, we’ve once again got our bookkeepin’ boss, our numbers Ninja, our tax talent- Josh, from CPA on Fire- to A that Q.
He’s here for the fourth time (!), and this time he’s spelling out allllllll you need to know about paying yo’ hard working self… the smart way.
We’re talkin’ about more dollar in your pocket here, so you don’t want to miss this!
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And don’t forget to tune in for a new episode every Monday, Wednesday!
Words Of Wisdom In This Week's Episode:
- Who are CPA on Fire and how can they help you?
- Keepin’ it legal. How, when and *how much* should you be paying yourself?
- The different arrangements for
soleproprietor, LLC andS corp
- We’re talkin’ taxes- Do you pay, or does the business pay?
- Get informed about
self employmenttaxes: the 15.3% you *maybe* could save
- What is considered a ‘reasonable salary’ for an S Corp company member?
- Panicked about payroll? How to outsource, and what you should be paying