Give Yourself a Raise How to get an income boost and cut taxes at the same time.

Entrepreneurs work hard for their money. Unfortunately, many don't pay themselves in a way that maximizes their total income and minimizes federal taxes, says Catherine Gordon, a small-business analyst for CCH Business Owner's Toolkit.

Unless your company is set up as a C corporation, your net income each year is simply the revenue you took in minus your expenses, says Gordon. Only C corp owners get paid a salary on which they can then postpone taxes by deferring income or issuing a year-end bonus in the next tax year.

Here are a few key ways that owners of all other business types can increase their total compensation.