63: Determining Reasonable Compensation And S Corporation Requirements Whether You Are Starting A Business, You Are Self-Employed, A Solopreneur, Entrepreneur, Small Business Owner, Bookkeeper Or VA

2021-12-22

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With the end of the year coming to a close, you want to make sure that you have everything done correctly in your business, right? One of the many important year-end tasks is to make sure that you are correctly paying and classifying wages. There are many different entity types that businesses can be set up as and depending on how you’re your business is set up will determine how you pay yourself as a business owner, shareholder or officer, especially if you are considered an S Corporation. In today’s podcast episode, I am covering the essentials of what you need to do when it comes to compensation, especially for the S Corporations who need to pay a reasonable compensation to officers and shareholder employees. It doesn’t matter if you are using a computerized software system like QuickBooks, Xero, Wave or FreshBooks for your business finances, or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document, you need to make sure you are recording your payroll correctly. Whether you are just getting started with your business, you are a self-employed individual, a solopreneur, entrepreneur, small business owner, remote virtual online bookkeeper, virtual assistant or VA, listen in so that you are aware of how to classify and pay your wages as a business owner and avoid one of the major red flags out there…

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