Today, Shannon breaks down how S Corporation owners can determine what to pay themselves as a reasonable salary. Shannon simplifies this complex topic, exploring both internal and external factors, the importance of thorough documentation, and shares real-life audit experiences. This episode equips listeners with a clear understanding of staying compliant with IRS rules while optimizing financial benefits. Plus, Shannon offers a valuable resource to help S Corp owners manage their responsibilities more effectively. Tune in for practical tips and insights to make your financial journey smoother and more rewarding!

 

What you'll hear in this episode:

03:26 Salary as an employee, profit as owner.

08:08 Job posting documentation: use screenshots, not just links.

10:39 Calendar shows business focus, justify lower salary.

 

If you like this episode, check out:

Think Twice Before Forming a Multi-Owner Business

Moving to a Tax-Free State - Worth it?

A Shortcut to Business Travel Deductions

 

Want to learn more so you can earn more?

Get $50 off your HR audit with People Principles by using code SHANNON50 here.

Visit keepwhatyouearn.com to dive deeper on our episodes

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.