Everything Liz, Jaci, and Sarah Wanted to Know About Tax

On our latest podcast episode, the owners get expert answers to their many questions about managing their tax liability.

Good Morning!

Here are today’s highlights:

• Here’s how one restaurant chain survived California’s minimum-wage hike.

• Trump’s first round of tariffs brought manufacturing jobs to a small town in South Carolina (but higher prices to everyone else).

• Not only is TikTok still around, it’s testing a new subscription feature.

• In Silicon Valley, they’re looking for people who are “high agency.” In other words, they’re looking for people a lot like you.

THE 21 HATS PODCAST

This week, we brought in a tax expert, Juliann Rowe of CRI Simple Numbers, to explain everything Liz Picarazzi, Jaci Russo, and Sarah Segal ever wanted to know about tax (but weren’t sure whom to ask). For example, should owners run their own compensation through payroll? Well, maybe, maybe not. We quickly learned that the answer for Sarah is different from the answer for Liz, which is why a lot of owners get this one wrong. Among the other issues we cover: Isn’t it easier for owners to pay themselves through payroll so they don’t have to worry about paying quarterly estimates? Can the owner take a draw to cover her income tax payment?

• Plus: If the owner isn’t running her own compensation through payroll, how much can she contribute to her 401(k)? Is it even a good idea for owners to tie up their money in a retirement account? What’s the best way for an internal bookkeeper and an external CPA to work together? And also, why did Liz, Jaci, and Sarah ask me to bring in a tax expert who is a woman?

• You can subscribe to the 21 Hats Podcast wherever you get podcasts.