How To Pay Yourself As A Business Owner
I am often asked by business owners how should they pay themselves as a business owner. How often should they pay themselves and how will it affect their business and personal taxes. Business owners are often confused about which business structure will benefit them the most, a limited liability company or S-corporation.
In this video, I provide clarity to the CEO salary and corresponding tax liabilities challenges. I have also provided strategies on the correct methods in which you are to pay yourself as a business owner under either structure.
As outlined in the video, one of the key takeaways is to make sure you have enough capital to cover your overhead, including your salary. Also, if you are earning over $70,000 in annual revenue, consult with your tax accountant regarding shifting to a Limited Liability Company taxed as an S-Corporation.
About Octavia Conner
Octavia Conner is the CEO of Say Yes To Profits, a full-service virtual accounting firm. As a Virtual CFO, she helps consultants build million-dollar firms sooner than they think.
As an award-winning financial strategist and published author, she was selected as one of the Top 50 Cloud Accountants in North America. Octavia strategically combines over 13 years of accounting, business, and finance experience that has enabled her clients to grow between 30% and 350% within 12 months and save over 60% in taxes.
For more information, visit SayYesToProfits.com
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