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How To Decide If & When To Pay Yourself A Salary As A Business Owner (The Difference Between Owner & Employee Compensation)

7 Figure Principles

English - June 04, 2020 07:00 - 10 minutes - 6.35 MB - ★★★★★ - 126 ratings
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Previous Episode: The Healthy Dichotomy In Goal Setting (Bringing Long Term Vision Into Day-To-Day Action)
Next Episode: The Only Thing That Matters When You Start A Business (You Don't Have A Real Business Until You Have This)

Do you pay yourself a salary as a business owner?

If so, how much?

This can be a touchy subject and a tricky decision to make when you’re just getting started.

Most people mess this up and leave themselves VERY vulnerable to an audit by the IRS.

(a low salary paid to the owners is one of the biggest red flags / triggers for you to get audited)

In this episode I break down HOW, WHEN, and HOW MUCH to pay yourself as an owner.

…and the difference between your salary and your profit distributions.

Spoiler alert: you’re an employee in your business! You need to pay yourself like one. 😁

Spoiler alert #2: depending on the job you do in your company, you might not be the highest paid employee. (I’m not)

Hope you enjoy the episode!

I’d love to hear what you think.

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