Blog Posts

In the previous post, I shared that owners of an S Corp have to receive a reasonable amount of compensation (payroll) before drawing money. How do you run payroll for yourself?? Running payroll is more complex than just drawing money out of the business. It is not just changing the categorization of the transaction from… Read more: How To Pay Yourself (as an Owner) Through Payroll

If you own an S Corp, you may know that there are benefits to electing an S corporation. Did you also know that the IRS generally requires you to pay the owner(s) through payroll before drawing money from the business? This is because of one of the benefits of S Corp, tax savings. You get… Read more: Payroll Requirements for S Corp Owners

If you own an S Corp, you may know that there are benefits to electing an S corporation. Did you also know that the IRS generally requires you to pay the owner(s) through payroll before drawing money from the business? This is because of one of the benefits of S Corp, tax savings. You get… Read more: Payroll Requirements for S Corp Owners

If you are a business owner, I’m sure that you’ve heard about the term “S Corp” many times! But do you know what it is? Many people think that S Corp (a short form of S Corporation) is another entity type similar to LLC or Sole Prop, but it is actually not. S Corp is… Read more: What Is An S Corp?

Before the bookkeeping side, I think that it’s good to note the legal side of things. Commingling funds may make it harder to draw a clear line between personal and legal funds. No one would like to have legal claims, but commingling funds may make the unpleasant event even more bitter. You may put your… Read more: Why You Should Not Combine Business & Personal Funds