167: Year End Payroll Compliance Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Self-Employed

With the end of the year coming to a close, you want to make sure that you have everything done correctly in your business, right?  One of the many important year-end tasks is to make sure that you are correctly paying and classifying wages.  There are many different entity types that businesses can be set up as, and depending on how you’re your business is set up will determine how you pay yourself as a business owner, shareholder, or officer, especially if you are considered an S Corporation.  In today’s podcast episode, I am covering the essentials of what you need to do when it comes to compensation, especially for the S Corporations who need to pay a reasonable compensation to officers and shareholder-employees.  It doesn’t matter if you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document, you need to make sure you are recording your payroll correctly.  Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper or accountant, a virtual assistant or VA, or other professional; listen in so that you are aware of how to classify and pay your wages as a business owner and avoid one of the major red flags out there… Find out how you can work with me by either scheduling a free consultation or signing up for the BALANCE Life Coaching program, where you can get private one-on-one coaching every week.  Find out where you’d like to see yourself and your business in the future.  We’ll create a laser-focused plan, including which action steps you need to take to get started on the path to success: https://www.financialadventure.com/work-with-me Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities & grab the Audit Of Your Well-Being & Balance Guide here: https://www.financialadventure.com/accountant Ready to set up your business?  I have a program I’m creating to help you get your business set up so that you can start making money.  Sign up for this program here: https://www.financialadventure.com/start Are you ready to try coaching?  Schedule an Introductory Coaching Session today.  You’ll have the opportunity to dip your toes in and see how you like coaching with an Introductory Coaching Session.  I’ll spend the whole time coaching you on anything you’d like coaching on in your business or your personal life: https://www.financialadventure.com/intro Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for.  Are you ready to generate revenues and increase the profit in your business: https://www.financialadventure.com/profit If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here: https://www.financialadventure.com/sidehustle Grab Your FREE guide:  5 Essential Strategies For Stress-Free Bookkeeping: https://www.financialadventure.com/5essentials Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You: https://www.financialadventure.com/starterguide Join Our Facebook Community:  https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration!  You can learn more and sign up here: https://www.financialadventure.com/sba Looking for a payroll solution for your business?  You can get an exclusive 15% discount on your payroll services when you sign up here: https://www.financialadventure.com/adp QuickBooks Online - Save 30% Your First 6 Months: https://www.financialadventure.com/quickbooks Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you: https://www.financialadventure.com/discovery Show Notes:  https://www.financialadventure.com This podcast is sponsored by Financial Adventure, LLC ~ visit https://www.financialadventure.com for additional information and free resources.