Give Yourself a Raise How to get an income boost and cut taxes at the same time.
By Carol Tice Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
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.
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