Healthy Money Mindset
Do you have yourself on your payroll?
Now you may be asking… Why would I want to be on my own payroll?
Sometimes payroll is a good strategy for paying less tax!
You can take advantage of benefit structures to lower your companies taxable position and begin a process of saving.
Sometimes payroll is what is necessary for qualifying for bank lending. Lending today is not what it used to be.
A good old fashioned W2 is what they like to see and understand the best when it comes to qualifying for a loan.
Sometimes payroll is the structure that is easiest for staying on top of your cash flow management.
Are you finding yourself in a position of owing tax at the end of every year and you never seem to have the cash to pay it?
Payroll is a system that ensures you pay your tax along the way so at the end of the year you do not have a large bill due
If you have chosen to be taxed as an S Corporation then payroll is a requirement.
The rules of an S Corporation are you must pay yourself a “reasonable” salary.
Another reason I recommend having yourself on the payroll is… it is a way that many entrepreneurs truly pay themselves first.
When it comes to a healthy money mindset this is the first thing I teach everyone.
If payroll is a way that ensures you will truly pay yourself first then let’s get the system in place for you to make this happen.
If you are interested in speaking with someone on our team about our payroll services, you can call or email us for a quote.