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re: S-Corp - Paying Myself A Salary (help needed)
Posted on 7/9/19 at 5:48 am to Cousin
Posted on 7/9/19 at 5:48 am to Cousin
By the way, congrats on the business (actually to all of you).
After working for myself for 10 years, then going back into regular wage employment for the last 4, I’m diving back in again (slowly anyway).
My advice - you will have some stumbling blocks out the gate when starting - with payroll and salary. No worries, you’ll learn.
If you have a very small business (you and a handful of employees or independents), go with QuickBooks (or another, up to you) until you think you need more. Very easy to use. With the salary, my CPA always told me to be accurate and steady in what you pay yourself - keep track of your expenses, and even if you can’t afford to cash your expense or salary check . . . at least cut them until you can cash them.
When I first started, it gave me the incentive to work my arse off.
After working for myself for 10 years, then going back into regular wage employment for the last 4, I’m diving back in again (slowly anyway).
My advice - you will have some stumbling blocks out the gate when starting - with payroll and salary. No worries, you’ll learn.
If you have a very small business (you and a handful of employees or independents), go with QuickBooks (or another, up to you) until you think you need more. Very easy to use. With the salary, my CPA always told me to be accurate and steady in what you pay yourself - keep track of your expenses, and even if you can’t afford to cash your expense or salary check . . . at least cut them until you can cash them.
When I first started, it gave me the incentive to work my arse off.
This post was edited on 7/9/19 at 5:50 am
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