How to Pay Yourself from Your Business as a New S-Corp (Part 2)

🔥 BOOK FREE TAX CONSULTATION https://schedule.lyfetaxes.com/discoveryapplication?video=T1d14aj3FwA Learn how S-corporations must pay a "reasonable compensation" to owner-employees, focusing on factors like duties, market standards, and hours worked. We'll explain why paying the highest possible salary isn't always the best strategy and how taking 40% to 60% of business profits as a salary can lead to significant tax savings. This video also covers the essential steps for setting up payroll and registration, including obtaining an EIN and state withholding account number, crucial for any business owner looking to optimize their self-employment tax. For more personalized tax planning, get a Free Consultation: https://mycpacoach.com/contact/ Watch Part 3: https://youtu.be/QvVoXeA7eOo Watch Part 1: https://youtu.be/3G-lzqC6IX0 Full Playlist: https://www.youtube.com/playlist?list=PLfYAvlh4-VVSJfHmtsNPqMBEzQhqO0ohI Subscribe: https://bit.ly/2HJlq46 Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos! /// 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).