In this episode of Keep What You Earn, Shannon breaks down the complex topic of S Corp salary in a way that's easy for anyone to understand. She explains the important requirement for S Corp owners to pay themselves a reasonable salary and delves into the internal and external factors that come into play when determining this salary. Shannon shares expert tips and real-life examples, emphasizing the importance of thorough documentation to support your salary decisions. Plus, she offers listeners a valuable free resource to help them navigate the world of S Corporations with confidence. Tune in to gain a deeper understanding of this crucial aspect of business finance and learn how to optimize your S Corp salary to keep more of what you earn.

 

What you'll hear in this episode:

03:14 Salary corresponds to business work, profit distributions.

08:24 Use screenshots, consider internal time allocation. Determine reasonable salary based on profession and time allocation.

10:52 Support claims with evidence for successful audits.

 

If you like this episode, check out:

Determining the Appropriate Salary for an S Corp Owner

Maximizing Finances: Tax & Accounting Synergy

How to Play in the Gray When it Comes to Your Taxes

 

Want to learn more so you can earn more?

Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide

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Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.