Private Practice Accounting Blog

07

Nov

Private Practice, S-Corp, Salary

What is a Reasonable Salary?

What is a Reasonable Salary? If you have been following our series of posts about S-Corps, then you may be familiar with the phrase “reasonable salary.” But what is a reasonable salary? The IRS is particular about paying yourself a reasonable salary since your salary is subject to payroll taxes. There are a variety of ways to calculate your reasonable salary, and the IRS tends to work with a nine-factor test. The factors are: (1) Employee qualifications; (2) The nature, extent, and scope of the employee’s work; (3) The size and complexity of the business; (4) Prevailing general economic conditions;…

Team Member Spotlight: Heather Simpson

Heather Simpson is an amazing Executive Assistant. She keeps the virtual office running, making sure the many projects are still moving and that we don't miss an email. We hope this gives you a bit of an introduction to Heather! Why did you decide to become an Executive Assistant? It plays to my strengths of organization, and my love of helping people. When were you hired for TL;DR? July 16, 2018 was my first day. What made you decide to want to work for TL;DR? The amazing ladies that work here! What do you enjoy most about TL;DR? It’s a…

Can We Meet In Person?

Can We Meet In Person? I am often asked where TL;DR is located and if a client can meet in person. I am normally located at the SLU WeWork in Seattle. This week, I’m in London and working from a WeWork in Paddington. Every year, I take a few weeks to visit the east coast and my family in New York. My penchant for travel and remote work is why scheduling appointments on my calendar is so important. It’s also why we don’t take unscheduled phone calls. TL;DR: Accounting is a remote firm. Our team members work remotely from all…