One of the most common questions many online business owners have is “how do I pay myself”? If you are used to getting a paycheck your entire life, you may be wondering how to handle payroll when you own your own business.
In today's episode I demystify this topic and outline my three step approach to making sure you are handling your payroll the right way and saving some money on taxes at the same time.
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- Get a $100 gift card for free when you run your first payroll with Gusto
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- Profit First System by Mike Michalowicz
The Biggest Takeaways
- The 3 step approach to taking a salary as a business owner
- Do you need an S-corp with your current net profit
- The best timing on forming an S-corp
- How much is a reasonable salary
- How much should you set aside for taxes
- When should you schedule to pay yourself
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The content of this podcast episode is provided for informational purposes only and is not intended to constitute legal advice. You should not rely upon any information contained on this podcast episode for legal advice. Listening to The Legal Jim Podcast is not intended to and shall not create an attorney-client relationship between you and James W. Hart or The Hart Law Firm, P.A. d/b/a Hawthorn Law. Messages or other forms of communication that you transmit to this website will not create an attorney-client relationship and thus information contained in such communications may not be protected as privileged. Neither James W. Hart nor The Hart Law Firm, P.A. makes any representation, warranty, or guarantee about the accuracy of the information contained in this podcast episode or in links to other podcasts, resources or websites. This podcast is provided “as is,” does not represent that any particular outcome will result from listening to this episode. Your use listening to this podcast is at your own risk. You enjoy this podcast episode and its contents only for personal, non-commercial purposes. Neither James W. Hart, The Hart Law Firm, P.A., nor anyone acting on their behalf, will be liable under any circumstances for damages of any kind.