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How to determine reasonable compensation for S Corp

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How do you determine what your reasonable compensation should be as an S Corp? Setting your reasonable salary can be tricky, but it's crucial to take this step seriously to ensure compliance with the IRS regulations and to also avoid major penalties. In this video, we'll discuss how to determine reasonable compensation, what the IRS looks for, and how to make sure your salary is defensible in an IRS audit.
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**DISCLAIMER: This video is meant for educational purposes only. This is not to be relied on or considered a substitute for advice on your specific situation from your tax advisor.
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Опубликовано:

21 авг 2024

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Комментарии : 15

@ChangeYourWater_ChangeYourLife 3 месяца назад

Wow! 😍 Finally a video that makes sense! Very informative and so helpful! I’m now a fan and a subscriber! 😍😍😍

@JamieTrull 3 месяца назад

Yay! Thank you! So glad it was helpful

@benjaminpackard5491 10 месяцев назад

Great video. Super helpful. Thanks!

@christopheraroig7531 3 месяца назад

Hi! loved your video! As a real estate agent as my part time job, my income fluctuates (some years $50k, some years less), what's a reasonable salary when the commission checks don't come as often? I'm based in Florida. Thanks !

@JamieTrull 3 месяца назад

Real Estate is a class of its own. I don't get too much into that and it would be great for you to work with your CPA on that.

@maalejandraacero7165 Год назад

A PA also an S-Corp and i get a 1099 still have to do reasonable salary

@kimrojas2332 Год назад

My tax preparer has been basically advising us NOT to elect the S Corp because she has a few other clients that ended up paying more somehow here in TN…but we net about 90k or more per year, no employees, small welding co. And she doesn’t charge as much as most CPA’s as far as things for compliance. She said she couldn’t give us an exact savings without knowing our assets and liabilities. That’s the part I’ve never heard about before. In general, with this small amt of info, do you suggest doing the S Corp? Thanks so much for this video!!!!!!

@JamieTrull Год назад

So as far as the reason an S Corp could have cost more in TN - she's likely talking about the Hall tax, which was a tax on dividends. Essentially owner draws from S Corps would qualify and therefore would have some extra taxes on draws in TN that would offset some of the federal tax benefit of being an S Corp. That tax was phased out and as of Jan 1, 2021 has been repealed entirely, so shouldn't be a factor anymore. That said, I recommend checking out this video from last week which goes into some of the more specific details on what you need to consider when deciding if S Corp is right for you - the calculation is quite complex now, especially after the Qualified Business Income Deduction was created in 2018. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-YqdzDo_X1w4.html

@kimrojas2332 Год назад

Thanks so much!!!!

@user-sj1ir6pt6i 7 месяцев назад

Great video! If I only have one roll, sales for example, would I still benefit from running the report since I dont really have "many hats"? Also, should this kind of report be run yearly? Thanks for the great content!

@JamieTrull 7 месяцев назад

Hi there! If you only have one role in the company, it may be easier just to look up job postings etc. for that role near you. The report is really more helpful for business owners who have several different duties they perform within their business and therefore cannot easily ascertain a market rate for what they do. And yes, I do recommend having annual support for your reasonable compensation calculation!