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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- 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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