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EP28: Paying Yourself A Reasonable Salary and What To Know
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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. KEY TAKEAWAYS: ✔️ 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. ✔️ 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. ✔️ Don't 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. ✔️ 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. Did you ever imagine spending this much time on your financials? IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ 📚 👓 PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.
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