Being an entrepreneur is exciting!
Maybe you have dreams of opening a small business after you graduate, or maybe you’ve already started, and business is booming.
Either way, you’ll want to get a good sense of how much you should pay yourself.
You’ll want to pay yourself at least something to show the IRS you’re a legitimate business, understand the true costs of running your business, and avoid burnout. The question is how much. The average entrepreneur makes around $70,000, but this varies widely. (Consider Mark Zuckerberg who pays himself $1!).
There are two main ways to pay yourself — owner’s draw and salary. You’ll want to explore the tax and accounting implications of each.
Image Credit: by Pixabay
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