Be aware of the tax implications of your compensation package

06/24/2013 | Intuit Small Business Blog

Various withholdings will apply to the salary you pay yourself as a business owner. If you have money left over after paying yourself and your employees, you might also wish to take a draw, which will be taxed but is not subject to immediate withholdings. No matter how you choose to pay yourself, "it's imperative for business owners to understand the position the IRS takes on reasonable compensation," CPA Sheryl Schuff advises.

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