77 \\ Stop Overpaying Taxes: How to Avoid Overcompensating Yourself as a Business Owner
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Thu 08 Feb 2024
- Episode Link
- https://smallbusinessfinance.podbean.com/e/avoid-overcompensation-and-reduce-payroll-taxes/
Are you unknowingly paying more taxes than you need to? In this episode, I reveal how overpaying yourself through payroll can cost you thousands in extra taxes every year. Many S corp and C corp owners set their salaries too high without realizing the payroll tax hit on every check. I explain why paying yourself a “big CEO paycheck” can backfire, how to calculate a reasonable salary, and the simple reporting process that protects you during an IRS audit. You’ll learn the difference between salary and owner draws, why methodology matters, and how to use smart strategies to optimize your tax planning. If you want to stop overpaying in taxes and keep more of what you earn, this episode is for you.
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out!
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