Confused about how to pay yourself as a business owner? You’re not alone. Whether you’re a sole proprietor, LLC, or S Corp, figuring out how to legally and strategically pay yourself can feel like a lot, but this guide has you covered!
From choosing the right pay method to setting up payroll, calculating reasonable compensation, and staying IRS compliant, host Danielle Hayden, reformed corporate CFO and CEO of Kickstart Accounting, Inc., breaks down what you need to get paid what you deserve.
You’ll learn:
- How to pay yourself as an LLC, sole proprietor, or S Corp
- What “reasonable compensation” actually means and how to calculate it
- How to set up payroll correctly and legally
- The best ways to increase your personal income without hurting your business
- Three effective methods for paying yourself based on your business structure
- How to avoid common legal and financial pitfalls when taking owner’s draws or payroll
- What to do if your business isn’t profitable yet and how to change that
It doesn't matter if you're just starting out or ready to restructure your pay to better reflect your value, this guide will give you the tools you need to take home what you’ve earned without putting your business at risk.
You deserve to get paid a reasonable salary, so let’s start making moves for your business to pay you the money you work hard to earn!
How to Pay Yourself as an S Corp Owner: Reasonable Compensation & Payroll Setup – Ep. 212
So you’ve made the leap and elected to become an S Corp—congratulations! Now what? One of the most crucial (and often confusing) steps is figuring out how much to pay yourself through payroll. In this episode, Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., is joined by Kickstart’s Lead Account Manager, Kelsey Chester, to break it all down for you, from finding a payroll provider to understanding “reasonable compensation” and how to stay compliant with the IRS.
3 Steps to Pay Yourself More as a Business Owner – Ep 183
You deserve to earn more, but actually paying yourself more can be a challenge! In this episode, Danielle Hayden breaks down three strategies to increase profitability, ensuring you can sustain your business and boost your income. She also shares two methods to determine the right amount to pay yourself and explains why it’s important (and sometimes legally required) for business owners to pay themselves. Tune in to learn how to confidently pay yourself more while keeping your business financially healthy!
How To Pay Yourself as an LLC: 3 Effective Methods For Getting Paid! – Ep 122
Paying yourself as a business owner can be tricky; it can be difficult to know which approach to take and what would work best for your specific situation. In this episode of Entrepreneur Money Stories, Danielle shares three methods you can use to manage your personal income from the business and keep your finances in order. Listen in and find the right method for you.
How to Pay Yourself as an LLC – Ep 118
In this episode of Entrepreneur Money Stories, Danielle is joined by Kelsey to discuss a frequent question among listeners: How do I get paid as an LLC or sole proprietor? There can be a lot of confusion among business owners when it comes to being an LLC, such as what exactly is an LLC, the cost of becoming one, “Should I pay my mortgage from my business account?”, and more. Together, Danielle and Kelsey, answer all these questions and more, so that you and your business can thrive while being legally protected.
S Corp Owners: How to Calculate Your Payroll as a Business Owner and Stay IRS Compliant – Ep 117
For help calculating your reasonable compensation, visit https://kickstartaccountinginc.com/comp.
How to Pay Yourself as a Business Owner – EP 07
Listen in as I dive deep into the nitty-gritty of how to pay yourself as a business owner. You’ll walk away from this episode knowing exactly how much you should be paying yourself. Plus, you’ll be ready to choose a method to get all your well-deserved funds.