In this episode, we dive into the topic of taking money out of your business. Shannon breaks down the complexities of taking money out of different types of businesses - from single-member LLCs to S Corporations, Partnerships, and C Corporations. Shannon explains the implications of taking money out of your business, the importance of managing cash flow, and how to pay yourself in ways that minimize tax implications. Tune in to gain valuable insights and actionable tips for managing the financial side of your business.

 

What you'll hear in this episode:

03:34 IRS taxes all income, plan withdrawals wisely.

07:47 Determining reasonable salary for entrepreneurs is ambiguous.

12:50 Consider unequal distributions and guaranteed payments in partnerships.

14:15 Trainer seeks extra payment for unequal business work.

17:20 C corporation tax implications and payment considerations.

 

If you like this episode, check out:

How Publishing a Book Affects Your Taxes

Decoding the Messages in Your Numbers

What Your Numbers Are Trying to Tell You

 

Want to learn more so you can earn more?

5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.