Hi, I’m Amber!

It’s my mission to help you go from just making money – to actually keeping it (and spending it on the things that make your life awesome).

S-Corps and Profit First – Common FAQs

I’m so grateful for our YouTube subscribers!  I truly love when you reach out for clarification or additional information so that I can engage with you more!

Recently, viewer Ashley Woodard commented on one of my previous episodes and asked some important questions pertaining to using the Profit First system when your company is designated as an S-Corp.

Here are the questions I’ll be answering today for Ashley:

– At the end of each quarter, I “reset” my Owners Comp account to an amount equaling the total owner’s salary payments to be made in the upcoming quarter (the rest gets reallocated to the Profit account!).  This was straightforward before I elected S-Corp taxation, as it was just equal to the total amount I wanted to pay myself during that quarter.  Now that I am taxed as an S-Corp, should I just be leaving the “net” salary in there?  Or the full amount (net + employee taxes + employer taxes)?

– Follow on to the above question is whether I should also include 401k contributions (employee)? What about 401k contributions (company match)?

– When I reallocate the funds in my Taxes account each quarter, should I be reimbursing the Owners Comp account? Or myself (and would it be considered a shareholder withdrawal?)?  

– Follow on to the above question is whether some sort of split between employee owed portion and company owed portion should be considered?

 

Resources mentioned:

 

Take Action:

Comment below and let us know what question YOU have about using Profit First and YNAB in your business!

✨TAKE ACTION and get on the list for our next LIVE masterclass: https://www.amberdugger.com/masterclass

 

Get Connected:

💕 FIND SUPPORT in our community: https://www.amberdugger.com/community

🍿SUBSCRIBE to our YouTube channel: https://www.youtube.com/amberduggerofficial

❤️ Keep in touch ❤️:

Facebook

Instagram

Twitter

LinkedIn

 

🧰 Tools we use 💪🏼:

YNAB – Cash Flow Management 

Kajabi – Online Course Platform

BombBomb – Make/Send Personalized Videos

Moonclerk – Payment System

Have a topic you’d like to hear some tips about? Click here to let us know! We’d love to hear from you!

 

We’d love to hear your thoughts:

  • Subscribe to the YouTube channel to get notifications when new episodes are available!
  • Post your questions in our amazing Sweet Life, Purposeful Money community
  • Discover the cash flow management software we recommend HERE.
Have a topic you’d like to hear some tips about? We’d love to hear from you! Click here to let us know!

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

5 key strategies to permanent profitability

Are you ready to take the first steps to untangle your personal and business finances and use your revenue goal to advance your business? Register for our LIVE Masterclass!

We have been told by past participants that this free experience has been worth more than the last three investments they have made in their business. In other words, you don’t want to miss it!

Get ready to lay the roadmap to a profitable and sustainable business while uncovering how to start healing your relationship with money. Remember, money is simply a resource to allow us to live a life of joy. We can’t wait to support you in our next live workshop. Big kudos to you for taking this big step towards financial self care.

Share This