Are You Running a Business or a Charity? Truths About Paying Yourself
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â„ą ABOUT THIS EPISODE
Are you running a charity for your subs and suppliers? If your construction company can't afford to pay you a fair wage, something's seriously wrong.Â
Wade and Stephen break down the critical balance between underpaying yourself (martyr syndrome) and overpaying (cash flow killer). Learn about S-Corp reasonable compensation rules, the 20% qualified business income deduction, and how to structure your pay for maximum tax benefits while building long-term wealth.
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⌚️ Key moments in this episode:
- 00:41 Exploring the Concept of Profit First
- 03:21 Understanding Business Structures and Compensation
- 07:54 Tax Implications and Reasonable Compensation
- 11:47 Balancing Personal and Business Financial Goals
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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