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Episode 25: What To Do With Business Profits — And How They Affect Your Taxes
If you’re a small business owner or aspiring entrepreneur wondering what happens after you make a profit, this episode is for you. Host Terrance Hutchins and guest Tamia break down how to think about your business income strategically, plan for taxes, and avoid common mistakes that lead to IRS trouble. Learn how to shift your mindset from just “owning a job” to building a profitable, sustainable company that pays you and funds future growth.
Key Discussion Points:
- Why paying yourself a fair market salary is crucial to measuring true profit
- The “two hats” every owner wears: employee and shareholder — and how each is taxed
- Five smart ways to use profits: paying taxes, paying off deb ...