Salary for Small Business Owners: How to Pay Yourself & Which Method (Owner's Draw vs. Salary)?

What is the best salary for small business owners? And what is the best method to pay yourself? Become a Tax Client: https://mycpacoach.com/tax-planning-s... Today I am going to show you how I pay myself in businesses I own, and give you my opinion, as a CPA, on how to pay yourself in your own business. I cover the different considerations on your business type (LLC, Corporation, etc.) and how that plays a role in how you receive compensation from your business. I also covert the different types of owner compensation, such as owner draws, dividends, and salary wages. By the end of this video, I promise you that you will be equipped with the fundamentals to start paying yourself correctly for your business. Outline: Intro: (0:00) Risks of Overpaying Yourself: (2:10) How Much to Pay Yourself: (3:55) Best Methods to Pay Yourself: (5:05) Recap - Salary for Small Business Owners: (9:52) Interested in talking with someone from our team? Sign up to get notified when we are accepting new clients here: https://lyfeaccounting.com/coming-soon/ /// Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).