TD Wealth’s Post

Valuable advice for business owners !

Some benefits of paying yourself salary from your business

Determining what salary to take and leaving profits for your business can be a balancing act. Consider our guidelines to figure out how to pay yourself as the business owner. https://bit.ly/3LW712T . . . #ElevateSmallBusiness #ElevateMichiganBusiness

Determining what salary to take and leaving profits for your business can be a balancing act. Consider our guidelines to figure out how to pay yourself as the business owner. https://bit.ly/48rVTnW . . . #CenturyBusinessAdvisors #NewtownPACPA #LakeMaryFLCPA #RestaurantAccountant #RetailAccountant #ServiceAccountant #ConstructionAccountant #BOSSservice #BusinessAdvisor #BusinessFoundationAdvisor

As a small business owner, there are many ways to pay yourself, but it's important that you do it the RIGHT way! Here are 2 ACCOUNTANT APPROVED ways to get paid from your business. 1. Set a Reasonable Salary: Treat yourself as an employee. Determine a fair and competitive salary based on industry standards, your role, and the financial health of your business. 2. Regular Distributions: If your business structure allows, consider taking regular distributions. This approach enables you to share in the profits while ensuring proper tax compliance. AND REMEMBER: Clear separation between business and personal finances is key; it not only helps maintain financial accuracy but also simplifies tax reporting. #smallbusinessaccounting #smallbusinesstaxes #smallbusinessowners

Attention Business Owners: Are You Paying Yourself the Right Salary? 💼💰 Have you ever wondered if you're compensating yourself appropriately as a business owner? How did you determine your salary? 🤔 There are several key factors to consider when setting your compensation: 🏢 The Legal Structure of the Business: Your business's legal form (LLC, S-Corp, etc.) influences how and how much you can pay yourself.  📈 The Financial Health of the Company: Ensure your business can sustain your salary without compromising its financial stability.  💼 The Owner’s Personal Financial Needs: Balance your personal financial requirements with your business's capacity.  🚀 The Growth Stage of the Business: Your compensation should evolve as your business grows and scales. If you're still struggling with setting the right salary, we're here to help! At Advising Global, we specialize in guiding business owners through these crucial financial decisions. 💬 Comment below: What's been your biggest challenge in determining your compensation? #fractionalcfo #ownerscompensation #smallbusinessowners #financialservices

As much as possible, avoid paying business expenses in cash. There are a lot of disadvantages when you use cash to pay suppliers, employee salaries, and other expenses. Among other things, cash payments are quite difficult to trace, making it really difficult to keep track of business expenses. #financialfreedom #financialindependence #financialtips #expertadvice #businesstips #expensetracker

It's here! 😆 The 2024 Salary Guide has officially launched. Contact me for a copy today! ✉SSlaghuis@cfstaffing.com // ☎616.341.7778 #cfstaffing #salaryguide #accounting #finance #technology

Unlock the Secret to a Thriving Business! 🔐 1️⃣ Consistent Salary: Pay yourself regularly to maintain a balanced budget. 2️⃣ Strategic Reinvestment: Use additional profit outside of your salary to reinvest in your business for growth. 3️⃣ Dual Roles: Remember, you're both the owner and the employee (at least in the beginning). Compensate yourself as the employee with a salary and reward yourself as the owner with distributions (bonuses). 💡 Personal Insight: When I started paying myself a consistent salary, I noticed a significant improvement in my business's financial stability and growth. 👉 How do you manage your business finances? Share your tips below! Are you interested in learning more about how we can serve you and your business? Let’s connect! ————————————————————— 💻: https://lnkd.in/eKwgfncf 📧: jovan@pieceofwealthplanning.com ————————————————————— #cpa #entrepreneur #financialplanner #accounting #tax #personalfinance

Whether you run a business or are just trying to stretch your salary. The art of budgeting is an essential part of your success. I've a couple of options that can help you get on top of your spending. https://lnkd.in/dyfWJxK