How to pay yourself: 4 considerations
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- Опубліковано 20 лип 2024
- Are you running a business and ready to take a salary? In this video, I'm sharing 4 considerations when you're outlining your salary. These are 4 things you should do BEFORE you start paying yourself. This video applies to nonprofit AND for profit founders. Here's the breakdown:
00:00 Introduction
03:06 Check the rules for your business structure.
6:00 Know your relationship to the business
08:21 Investigate your compensation
11:21 Compensation agreement
Wait to the end at 13:15 for special advice for nonprofit founders.
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Links on reasonable compensation:
www.irs.gov/charities-non-pro....
www.irs.gov/businesses/small-...
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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 video's topic, or any other legal matter, consult with an attorney or tax professional in your area.
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Thank you for the video... How do we report it on our regular tax return?
Thanks for watching....if you are an employee or contractor of the nonprofit then you would either be issued a w2 or 1099-NEC and you would use that information to file your taxes with.
@@BossonaBudget thank you I really appreciate it....i had that understanding however as you said there is a lot to ck off the list... So grateful for your video ...many more blessing to you ...🌳
I want to open a shelter...do it have to be a non-profit?
Not necessarily but your funding may be impacted depending on which way you go
I have a question how do the people on the board get paid for the non profit organization,?
Hi, board members do not typically get paid.
Is there a difference between non profit and not for profit
In my opinion, there is none but others may disagree. It also depends on the context. But many people use them interchangeably.
I need help with getting started now can you help me
Hi, email us at info@bossonabudget.com and let us know what you need.
I need help right now with vechile repairs for me. Help!
Hi, have you spoken with local community groups or churches?
@@BossonaBudget Hey. Yeah a lot of Churches here aren't helping like they were last year. This is why my passion to help others has been fueled
@@MmM20978 I can understand that...church membership took a hit due to COVID
@@BossonaBudget Yeah definitely but I'm hearing it's the great needs overwhelming the Churches and also many are closing.