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re: Tax question for new business
Posted on 4/30/13 at 9:12 pm to BARNEYSTINSON
Posted on 4/30/13 at 9:12 pm to BARNEYSTINSON
quote:It's a matter of facts and circumstances for each taxpayer. What is reasonable for a start-up operation may not be reasonable for an established business. The type of products or services the business provides can have an impact. Compensation can be in the form of benefits other than salary. So there are no hard and fast rules to follow.
How does the IRS define the reasonable ccompensation?
This article covers the topic pretty well. LINK
2
Posted on 4/30/13 at 9:15 pm to Poodlebrain
Thanks for the info and the article.
Posted on 4/30/13 at 9:39 pm to Poodlebrain
OK. Read the article. So the average compensation range for my line of work in this area is 65,000. But, since it is a new business I could pay myself slightly less this year as long as I increase the salary in future years and future growth?
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