How to Legally Pay Yourself (using Profit First) (Episode 32)

Have you ever wondered what the right way to pay yourself is?

Are you worried about writing yourself a check?

Not sure how much to take? How often to run payroll?

We tackle all of these questions and even more in this weeks episode of The Legal Jim.

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The Biggest Takeaways

  1. Not all businesses are cut out to be S-Corps – in this episode we review the 3 levels of business and how you should pay yourself in each levels.
  2. Paying yourself is easier than you think, when you understand the right way to do it.
  3. Why NOT paying yourself could get you into trouble with the IRS.
  4. How much money to put into your expenses, profit account, tax account and to take as owner's pay.

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Next Steps…

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💸 To sign up with a payroll service I use and love, click here: http://hawthornlaw.net/payroll (affiliate link)

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Legal Disclaimer

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.

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LEGAL DISCLAIMERS

The information provided on this website is designed to provide information in regards to the legal aspects of running your online business and is presented with the understanding that The Hart Law Firm, P.A. d/b/a Hawthorn Law is not engaged in rendering legal, accounting or other professional services by providing this information. If legal advice or other professional assistance is required, the services of a licensed attorney, tax professional or financial advisor should be sought. Feel free so use this link to schedule a strategy call with an attorney.