Your Money: Pay yourself first? Last is how small biz often works

NEW YORK - Everyone knows the Golden Rule of business is to pay yourself first. But more than half of small business owners are going months without pay - if they are taking any at all.

The small business payroll servicer Gusto finds even more ups and down for its clients. Data on 449 owners shared exclusively with Reuters show that only a handful pulled any paycheck at all in 2018, and the size of the checks varied greatly, with the highest amounts taken in summer.The biggest month for an owner’s draw in 2018 was December, with 73 business owners taking checks, and a median check of $5,944, according to Gusto spokesman Rick Chen.

“I don’t know how else I would be able to do something like this without my wife,” said Hernandez, 46. What keeps Joanne Sonenshine up at night has been the inability to plan. The 42-year-old runs a partnership advisory company in Washington called Connective Impact that helps connect companies to investments with social impact. She regularly takes a salary, but often has to pause it, depending on when clients pay.

“With the new tax law, there’s even more incentive for the self-employed entrepreneur to pay themselves less,” said Savage, because they will avoid payroll taxes and other withholdings and boost their deduction.

Biz Graphics

RT : Pay yourself first? Forget about it. Small business owners often have to ...

Graphics Maintaining Your Business? IS PAYING YOURSELF FIRST.. It's Basically Deferred Self Payment. The Reward (Or Dividends) Will Reveal Itself At A Later Date.. Jus Sayin.. Yep...

Graphics thank you...good to know that I am not alone with this

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