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.
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