Remarkable Results Radio Podcast

Thanks to our partners, NAPA TRACS, and PromotiveA critical topic for business owners: how much you should pay yourself as an S-corporation owner. This episode clears up common misconceptions around payroll, distributions, and tax savings strategies. Whether you're a small business owner or a shop manager, understanding these financial nuances is crucial for maintaining profitability and compliance.Key Points:- Clarification of the S-corporation owner's dual roles as an employee and business owner, and their impact on financial strategy.- Differences between payroll and distributions and how they affect tax liabilities.- Why overpaying yourself in wages does not save on taxes and the financial consequences of excessive payroll tax burdens.- The IRS's guidelines on "fair and reasonable salary" for S-corp owners and how to meet this requirement effectively.- Social Security contributions: strategies for maximizing benefits while minimizing unnecessary tax burdens.Thanks to our partner, NAPA TRACS Did you know t