Do you pay yourself as a business owner?

[Good-Person]

It's the right thing to do everything possible in a legit way to eliminate paying taxes. Government have always been very greedy with how they go about taxing businesses without looking at how much they make in profit. This is why I don't consider playing myself a salary in my business. I know it's only my business taxes that I have to pay.

Well, the government may not care about public. So, it is a better idea to create a method that could help you save money and help you evolve your business according to the policies set by the government. This may also mean paying yourself a small amount of money and reinvesting the leftover money into the business.

 

[Heatman]

Well, the government may not care about public. So, it is a better idea to create a method that could help you save money and help you evolve your business according to the policies set by the government. This may also mean paying yourself a small amount of money and reinvesting the leftover money into the business.

The best thing that you can do for yourself with your business is reinvesting your business profits back into your business. This will give you better chances of improving your business growth, your profit making and lesser loss in taxes being put in your business by the government. There's no point in taking money that will just be taxed on.

 

[Grant]

I don't have a business technically, as I'm self employed, but if I was a business owner, of course some of the money would go to me. I'd of course be doing it to support myself and family. As well, to afford food and necessities. Business owners need to make some money too, otherwise, what's the point of running a business?

 

[Ja Sa Bong]

There are those who consider paying yourself as the business owner to be creating unnecessary portfolio in your business. They question why will you pay yourself when the business is your own? I don't consider it necessary in what I'm doing in my business. The whole business funds is in my care, I've been paid, there's no need doing it twice.

 

[Heatman]

There is also a benefit of not paying a salary for yourself. If you pay yourself a salary, you will have to pay taxes on your earned income. When you don't pay a salary, you don't have income, thus you don't have to pay taxes.

My business is already something that is in my full control and management, this is the reason why I don't see any reason why the money that I have already generated from my business that is in my business account would now have to be transferred from that account to another account which is still my own and call it my salary. Banks will also take their own charges for that transfer which something that's not necessary in my opinion.

 

[Good-Person]

There are those who consider paying yourself as the business owner to be creating unnecessary portfolio in your business. They question why will you pay yourself when the business is your own? I don't consider it necessary in what I'm doing in my business. The whole business funds is in my care, I've been paid, there's no need doing it twice.

I do not think that it is necessarily true. There are many business owner who pay themselves in the form of "reward" for achieving the target and this is quite important as well if you want to be successful. I would certainly set a budget and "pay" myself if I reach a specific goal in the end of the month.

 

[Ja Sa Bong]

I do not think that it is necessarily true. There are many business owner who pay themselves in the form of "reward" for achieving the target and this is quite important as well if you want to be successful. I would certainly set a budget and "pay" myself if I reach a specific goal in the end of the month.

Why most it be considered paying yourself when the money is already your own and in your possession? You can take any amount of money which you want and do whatever you desire. Must it be seen as you're paying yourself for doing your own business and reaching your target?

 

[Heatman]

I don't have a business technically, as I'm self employed, but if I was a business owner, of course some of the money would go to me. I'd of course be doing it to support myself and family. As well, to afford food and necessities. Business owners need to make some money too, otherwise, what's the point of running a business?

Exactly! There is no point in running a business that is not paying you money and it's the reason why most business owners are always willing to do anything possible that is going to help them to make money from their business, otherwise it is more likely for them to shut down the business because running a business also takes a running cost and you are expected to make profit in the end.

 

[Good-Person]

Why most it be considered paying yourself when the money is already your own and in your possession? You can take any amount of money which you want and do whatever you desire. Must it be seen as you're paying yourself for doing your own business and reaching your target?

Technically, the entire or the whole amount of money is yours. However, when it comes to rewarding yourself, you may think about paying yourself because you may be thinking about reinvesting some amount of money back into your business and this is quite important.

 

[Ja Sa Bong]

Technically, the entire or the whole amount of money is yours. However, when it comes to rewarding yourself, you may think about paying yourself because you may be thinking about reinvesting some amount of money back into your business and this is quite important.

It's better for you to reinvest money generated from your business back into the business. You can take money from your business as a reward to enjoy yourself and take care of your personal expenses. After your expenses being taken care of, put everything back into the business.