How Much Should You Pay Yourself, The Business Owner? The Difference Between an Asset and a Liability

The Business Behind Small Business

#45: Let's talk about money! Well, every one of our show is about money in a way, but today, we're talking about as your business grows, what you get paid and how you get paid could be the determining factor behind how much tax you pay, and how the IRS defines your business.
References -
https://quickbooks.intuit.com/payroll/salary-or-draw-how-to-pay-yourself-as-business-owner/
Famous Examples -

#1: UnderArmour
Recommendations -
https://www.youtube.com/@quickbooks

https://www.youtube.com/@HectorGarciaCPA

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About BBSB -

We are two business owners with two very different perspectives on building business, and the business behind that in order to achieve your goals. One of us built to sell, and will continue on the serial entrepreneur path, which means your focus and drive should include very particular tools and tips in order to achieve your goal. The other, is building a generational business, one that can go on long after she’s let go of the wheel. This type of business also requires very specific tools and platforms to achieve this goal. Both women have been successful in their own right, but in honesty - haven’t scratched the surface!

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https://www.thebusinessbehindsmallbusiness.com

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Disclaimer -

We are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advice. We ask for you to do your research, have open and honest conversations with your company’s own support providers and make decisions based upon that. Throughout this broadcast we will share our knowledge and give suggestions and hope you will receive them as part of your overall research to better your own company.