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Content provided by Eric & Melissa Broughton and Melissa Broughton. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Eric & Melissa Broughton and Melissa Broughton or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
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Episode 4: What is "reasonable compensation?"

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Manage episode 360525926 series 3437690
Content provided by Eric & Melissa Broughton and Melissa Broughton. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Eric & Melissa Broughton and Melissa Broughton or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Eric and I would love to hear from you. Tell us what you think of the podcast.

On this episode Melissa and Eric talk about the importance of business owners drawing a salary rather than just taking large distribution at the end of the year. The IRS wants to make sure you are paying a reasonable amount of payroll taxes and so you are supposed to give yourself a “reasonable compensation” for your work.

The two discuss how you find out what is “reasonable” for the work you do, what to do if your business isn’t profitable yet, and also why it’s important for the growth of your company and your personal financial future to pay yourself a salary.
In the last ten minutes of the episode they talk about the tax deadline being pushed back for many Californians because of natural disasters and “state of emergency” declarations. April 15th is just a few days away but you may actually have another month to get your taxes done!
For more information and to find resources from the show, visit www.busybeeadvisors.com.

  continue reading

21 episodes

Artwork
iconShare
 
Manage episode 360525926 series 3437690
Content provided by Eric & Melissa Broughton and Melissa Broughton. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Eric & Melissa Broughton and Melissa Broughton or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Eric and I would love to hear from you. Tell us what you think of the podcast.

On this episode Melissa and Eric talk about the importance of business owners drawing a salary rather than just taking large distribution at the end of the year. The IRS wants to make sure you are paying a reasonable amount of payroll taxes and so you are supposed to give yourself a “reasonable compensation” for your work.

The two discuss how you find out what is “reasonable” for the work you do, what to do if your business isn’t profitable yet, and also why it’s important for the growth of your company and your personal financial future to pay yourself a salary.
In the last ten minutes of the episode they talk about the tax deadline being pushed back for many Californians because of natural disasters and “state of emergency” declarations. April 15th is just a few days away but you may actually have another month to get your taxes done!
For more information and to find resources from the show, visit www.busybeeadvisors.com.

  continue reading

21 episodes

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