SCORE: Module 4 - Webinar Series On Mastering Business Financial Literacy

By attending this four part Webinar series, you will learn the basics of Financial Literacy, which will help you to enhance the success of your Business. Unlock the secrets to financial health for your business! This comprehensive webinar series is designed for new and established small business owners looking to gain a solid foundation in financial management. Learn the essential skills from Budgeting to Cash Flow management to Securing Funding and Tax Planning.

Session 4 - Tuesday 3-17-26 - 6:30 PM CST

Compensation of owners and employees.

·     Identify and compensate Key employees, including benefit considerations.

·     Contractors (“1099’s”) vs employee, contractors for projects (see strategic partners), employees for continued services. Legal considerations.

·     Evaluate employees, using external expertise, benefit programs.

·     Owners’ compensation:

1.    Salary and bonuses, and profit distribution.

2.    Limit owners’ compensation to cash available after business needs.

3.    Retirement considerations – deductible from business taxable income.

a.    401(k) Plan for employees and owners – 2026 limit $24,500, >60 age - $35,750.

b.    Simplified Employee Pension (“SEP”) for owners – 2026 limit > 25% of owner’s share of business income >$72,000.

Business succession – Need to consider after business is consistently successful, and all of the above.

The Facilitator for this series is SCORE Member John Galati. John was a CPA with one of the largest Accounting Firms in the country, and has over 30 years experience as a CFO in multiple industries