63: Determining Reasonable Compensation And S Corporation Requirements Whether You Are Starting A Business, You Are Self-Employed, A Solopreneur, Entrepreneur, Small Business Owner, Bookkeeper Or VA

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 just getting started with your business, you are a self-employed individual, a solopreneur, entrepreneur, small business owner, remote virtual online bookkeeper, virtual assistant or VA, 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… Apply to join the Mastering Your Small Business Finances CEO Mastermind or the Elevate Your Bookkeeping Business GROW Mastermind group: www.FinancialAdventure.com/Mastermind Grab Your FREE guide:  5 Essential Strategies For Stress-Free Bookkeeping: www.FinancialAdventure.com/5Essentials Looking for a payroll solution for your business?  You can get an exclusive 15% discount on your payroll services when you sign up here: www.FinancialAdventure.com/ADP Looking for an extremely beneficial online bookkeeping resource?  Join us in our Mastering Your Small Business Finances Membership where you can ask questions and get answers regarding your specific business.  We dive deeper into the topics on this podcast, provide additional resources and accountability: www.FinancialAdventure.com/MYSBF Fill out the Contact Us form if you have a question or need help with your bookkeeping or payroll: www.FinancialAdventure.com/Contact-Us Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path is waiting for you: www.FinancialAdventure.com/StarterGuide Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you: www.FinancialAdventure.com/Discovery Join Our Facebook Community:  www.Facebook.com/Groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique Are you a bookkeeper looking to start, grow or scale your bookkeeping business?  Join our FREE bookkeeper community here: www.FinancialAdventure.com/BookkeeperCommunity QuickBooks Online - Save 50% Your First 3 Months: www.FinancialAdventure.com/QuickBooks Show Notes:  www.FinancialAdventure.com This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources.