The Question
I have owned a small business for 5 years that’s now profitable, and I’m unsure how to optimize my compensation for taxes. What do I need to consider?Congratulations on being Profitable- your hard work is paying off!
How to optimize your income can vary on a number of factors:
1) Type of corporation structure (Sole Prop, LLC, Partnership, Sub S, C-corp)?
2) Number of employees
3) Type of retirement plan established (SEP, SIMPLE, 401K0? If any.
Just a few questions to get you started.
Paul Doak, CFP
206-774-0262
No question, answer, or discussion of any kind facilitated on this site is confidential or constitutes financial or legal advice. Questions answered are selected based on general consumer interest, and not all are addressed. Questions and answers may be displayed online and archived by Wealthtender. Wealthtender is a trusted, independent financial directory and educational resource governed by our strict Editorial Policy, Integrity Standards, and Terms of Use. While we receive compensation from featured professionals (a natural conflict of interest), we always operate with integrity and transparency to earn your trust. Wealthtender is not a client of these providers.