30 Important Tax Tips You Must Know to Reduce Your Taxes! - #13 Should You Pay Yourself
Tip #13: Should You Pay Yourself Now? One of the most common questions business owners ask especially approaching the holiday season. “When can I pay myself” or “should I issue myself a bonus”. As a business owner, you have worked really hard the entire year and I could not agree more that now is the time to reward yourself for the hard work you have put in. If you operate as an S corp, it is important that you issue yourself reasonable compensation because if your salary is too low, it may be an IRS audit red flag.
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