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 Answered question May 21, 2023

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