Archive for March, 2011

 

51 Ways Your Business Can Pay You

With a tremendous number of tax favored ways your company can pay you, you’ll want to decide which ones help your family and business most. Best news, you can make changes that fit your changing lifestyle & business, adding selections as your family and business grow.

1. Paycheck / Owner Draw / Salary – Okay, this is the obvious
2. Business use of your home tax deduction
3. Rent from the business
4. Training and education you desire
5. Travel related to business you get to choose
6. Choosing your own travel modes, timing, and conditions
7. Extra days traveling paid by business
8. Travel conditions you choose
9. Choosing your favorite meals & entertainment places, foods, and times
10. Cell phone
11. Choosing your own Equipment brands, tools, and power toys
12. Lend Money to your company
13. Collect interest from lending
14. Negotiate favorable terms
15. Retirement plans paid by company
16. Flexibility in choosing the best retirement plan for you
17. Deferred Compensation
18. Welfare benefit fund
19. Cafeteria Plans
20. Adoption assistance
21. Dependent care assistance
22. Education assistance
23. Distributions on profits
24. Set up Benefit Programs you desire such as:
25. Vision coverage
26. Dental coverage
27. Medical coverage
28. Health Savings or Flexible spending accounts
29. Business working conditions – that you get to choose
30. Business partnerships that you get to choose
31. Auto provided for your use – you get to choose
32. Parking & parking passes
33. Family on payroll instead of hand out
34. Building emergency reserves
35. Building expansion reserves
36. Certain meals for business, family, friend, & prospects
37. Benefits that can be excluded to executives:
38. Athletic facilities
39. Meals for business convenience
40. Lodging for business convenience
41. Additional health plan coverage
42. Family peace of mind, including:
43. Life Insurance
44. LTC Insurance
45. Disability Insurance
46. Key man Insurance
47. When selling your company – you get to choose when & how
48. Golden parachute on company sale
49. Working part time & flexible scheduling after company sale
50. Goodwill throughout your community
51. Control over your own destiny – Priceless!

Every business is different and every family is unique. Sit down with Merra Lee and see what makes sense for you and your business today.

Now stop reading about 51 Ways Your Business Can Pay You and start doing! Let’s create your personal profit strategies for growing profit. Call small business profitability coach Merra Lee Moffitt, CFP®. She can be reached at, 888-920-2030 or by email at merralee@captureprofits.com.

Posted by Merra Lee Moffitt, CFP under Business Owner Mindset, Small Business Taxes Tags: ,  •  No Comments