Anyone in here from Missouri? We are going to the fair next month and I need an inspector. The guy that has done it in the past won't return my calls. I have to get my registration stickers, so I need to get this done. Of you or someone you know could help me I would greatly appreciate it. ... See MoreSee Less
We do the Profit First system. We pay ourselves 15%, keep out 15% for taxes, started with 1% profit like the book suggests and are currently up to 18% going into our profit account. That leaves us 52% for our operating expenses which has been working out. We haven't bought a ton of stuff this year, though.
And for Pete's sake, DON'T FORGET TO PAY YOURSELF. When we started implementing the Profit First system, I IMMEDIATELY felt like I got a raise.
Payroll, including yourself does not exceed 27%, remember taxes are at least 28%, cost to do business (fuel, transportation, insurance, liability insurance, supplies, about the same 25%) thus is why we are an S-Corp.