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Listen "Avoid IRS Red Flags: Reasonable Compensation for S Corp Owners"
Episode Synopsis
Avoid IRS Penalties: How to Determine a Reasonable Salary for S Corp Shareholders
Are you an S Corp shareholder? In this episode of The Locum CPA podcast, Stephen Lee, a Certified Public Accountant based in Chicago, Illinois, dives into the crucial topic of reasonable compensation for S Corp owners. Learn why it's essential to take a reasonable salary, how to calculate it, and the potential IRS penalties for underpayment. This video is especially important for doctors and healthcare providers running their own locum tenens practice. Stay compliant and maximize your tax savings by understanding the factors that influence a reasonable salary, including your role, industry standards, experience, workload, and business revenue. Don't miss out on this vital information to keep the IRS at bay and take full advantage of your S Corp's tax benefits.
00:00 Introduction: Importance of Reasonable Salary for S Corp Shareholders
00:21 Welcome to The Locum CPA Podcast
00:53 Understanding Reasonable Compensation
01:54 Factors Influencing Reasonable Salary
03:31 Consequences of Underpaying Yourself
04:05 Steps to Calculate Your Salary
05:16 Final Tips and Conclusion
How to Start and Operate Your Locums Practice:
https://thelocumcpa.com/free-ebook/
🔔 Subscribe for more tips and strategies tailored for healthcare professionals!
The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.
#locumtenens #TaxDeductions #PhysicianFinance #TaxTips #medicalprofessionals
Are you an S Corp shareholder? In this episode of The Locum CPA podcast, Stephen Lee, a Certified Public Accountant based in Chicago, Illinois, dives into the crucial topic of reasonable compensation for S Corp owners. Learn why it's essential to take a reasonable salary, how to calculate it, and the potential IRS penalties for underpayment. This video is especially important for doctors and healthcare providers running their own locum tenens practice. Stay compliant and maximize your tax savings by understanding the factors that influence a reasonable salary, including your role, industry standards, experience, workload, and business revenue. Don't miss out on this vital information to keep the IRS at bay and take full advantage of your S Corp's tax benefits.
00:00 Introduction: Importance of Reasonable Salary for S Corp Shareholders
00:21 Welcome to The Locum CPA Podcast
00:53 Understanding Reasonable Compensation
01:54 Factors Influencing Reasonable Salary
03:31 Consequences of Underpaying Yourself
04:05 Steps to Calculate Your Salary
05:16 Final Tips and Conclusion
How to Start and Operate Your Locums Practice:
https://thelocumcpa.com/free-ebook/
🔔 Subscribe for more tips and strategies tailored for healthcare professionals!
The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.
#locumtenens #TaxDeductions #PhysicianFinance #TaxTips #medicalprofessionals
More episodes of the podcast Stephen Lee, CPA, CPWA®
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01/11/2025
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