How To Pay Yourself As an LLC [Follow this or lose money]
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- เผยแพร่เมื่อ 4 มิ.ย. 2024
- Need help with your small business tax & accounting? My company helps business owners save up to $30,000 dollars per year in taxes. Book a free consultation here: www.jumpingjacktaxes.com
This is 18-minutes of free information. I am not here to sell you anything. The goal is to share information I've learned from speaking to so many small business clients who do business with my company. I do not have books, courses or seminars.
I own a company called JACK USA which started the Jumping Jack Tax Franchise where we now have 20 virtual accounting franchises in 6 states. We help small business owners scale their businesses FASTER by taking on daily tasks such as bookkeeping, accounting and other financial responsibilities so they can focus on MONEY MAKING tasks (Plus, we keep them in compliance)
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If you're a small business owner stressed about tax & accounting along with it taking up so much of your time & mental capacity, book a free strategy call so we can help: www.jumpingjacktaxes.com/acco...
This used to be one of my most watched channels... sadly, it's been a while since i visited it has been a very rough year... i am experiencing one of the toughest phases of my life... Lost a fortune lnvesting in emerging companies. Hopeful, for a turnaround.
Hi Mike. Any ideas how to reach Gary Joe Wilde? I love the testimonies I have seen about him he seems not to own a video channel here.
Investing so much in emerging companies is a horrible decision. Investing should be like the healthy food pyramid. BTW, I commend Gary's trading pattern too. Different perspective, different technique
JUST confirmed my LLC was approved 2 days ago, and JUST got my EIN this morning! This video popped up just at the right time! Thank you for posting. Blessings and favor to you and your business!
Good luck
You're welcome. Thanks for watching!
I would also like to register for one in wyoming. Can you please help me
I to have officially became an 1st time owner....spooky but excited!
@@PrinceDonnell in your example you said the taxes would be around 38% of the 3000 profit which would come to $1140. If I understood correctly the taxes is what we would want to take out of the profit and put aside first rather than last. That leaves $1860 from the $3000 profit. So the 10% savings you said in your video as $300 cannot be correct because it would be 10% from the money left i.e. $1860 and not 10% from $3000. Unless I did not understand correctly?
Thanks for keeping this professional! No music and over the top tactics and jokes are not necessary to get your point across. Only children need entertainment like that. Please don't change!😏
there's 7 different learning styles. some people absorb info visually, auditory, touching/doing etc... people that use "music and over the top [teaching] tactics" are appealing to learners of all ages that learn differently than you❤️
No problem. Have an amazing day!
totally AGREE!!! I KNEW it was something i liked about this video. This was it!
@@GratitudeGriot she spoke on the REFRESHING part. What you describe feels oversaturated on these social media platforms. But good point made.
@@PrinceDonnell question how can I use this information while running a Lawn Care business
I run my company with 5 accounts
25% owners pay
50% operating
15%taxes
10%profit
This is a one man service company. Still learning and thinking about how to expand to the next level
That’s how to do it!
I like how you broke that down ✌🏾
Peace j. haywood, just curious what state do you reside? Love your tax allocation.
What’s the 5th account?
Thank you and all the best to you.
Make no mistake, he was not exaggerating when he says 100+ hours worth of work a week as a business owner.
That's the truth!
Or much much more... for years!
No he really wasn’t. My dad was an entrepreneur before he died almost 6 years ago. He worked night and day. And my mom was an entrepreneur too but she also had an earned income and didn’t work as hard as he did. He worked from 5am to 9 pm and he was never broke!! But was CHEAP!!!! Frugal Cheap but he also had an earned income that he retired from. He encouraged me to start my Video editing business in 2010 and I did but never made enough money. But I started another business but it’s not making anything but I just started it in nov 2020. But yes business owners are exhausted 😴 yeesh but it’s worth it at the end of the day!! But his mom n siblings has businesses too so. And they were exhausted. But was happy.
Glad I got my wife to take care of all the paperwork I tell you that
@@cherrylu2733 I’d rather be tired from working on my dream than tired from working on someone else’s.
Feels good getting lessons from someone that looks like you✊🏾
Facts!!! 🖤
that's a weird statement? who cares how he looks.. color race.. who gives a shit. aren't we way past that already? f the news.. painting these pictures.. we are not a racist world to the degree they'd like to imagine us to be.. though i understand your statement. we are better than that.
@@bobdoyle5945 you seem like you’ve been sleeping under a rock. It is not the media who is portraying that the world is racist. In fact, they rarely acknowledge it. I encourage you to pay attention to social media. People capture racism daily (filmed) that the media is not showing on purpose. So when the OP wrote what they wrote, it was for a reason and you don’t get to tell someone how to feel when you haven’t those experiences. That’s the problem now. Because you yourself don’t experience it, it doesn’t exist. That’s a dangerous way of thinking. And I’m glad they didn’t see you fit to respond to, but I got time.
Important!!!!!!!! write a check to yourself from the BUSINESS account and deposit it into your personal account... on the check write draw so you separate yourself from the BUSINESS!!!!!!
Hello, what do you mean write draw on the check?
@@ThatManDWill ..when you pay yourself from your single member llc..I believe it is called an "owner's draw" ...or what he was referring to as "owner's distribution". That is what the line item should be recorded as in your biz checking account.
Great idea
@Cherish Barry Shopin On the memo line
@Cherish Barry Shopin You can write in the memo line and also in your ledger
Lemme say this. Started my co last August. Currently paying ppl to tell me this. They are legit teaching me exactly what he is saying. Salute fr tho
For someone who has been a sole proprietorship since 2004 and who has FINALLY transitioned to an LLC as of this month, this is helpful! Thank you!
Could you possibly do another similar video that shows how this will differ for an LLC with more than one member?
This is a great breakdown on a single person LLC for newcomers, like myself. Thank you.
This was perfect! Just what I needed. I been running my trucking company for going on 7 years. I started out grossing 6 figures out the gate, but didn’t have no structure with allocations, and just spent money out my business account for personal, entertainment, other investments, ect. Even they I was spending my like that I always made sure I had enough money in my business account just in case my truck break down. With what you just taught me this is a true game changer that’s fixing to take my trucking company to the next level. Thank you!
Thanks Prince Donnel. Your the only person on TH-cam who broke it down in details about how to pay yourself as a LLC - that I could understand. This is why it's good to listen to several people because everyone interprets it differently. Other people I listen to left out critical details. I subscribe to your channel. Peace.
Agreed. I stayed and watched without leaving the video
I agree...it makes all the sense in the world!! Gems 💎
Thank you 💕 Thank you! Thank you!
Someone that laid everything out in plain language! May God richly bless you for taking time to give this detrimental information for free!
Real talk
Essential Signing Solutions LLC appreciates you and is taking notes!
Thank you!
Jesus loves you and he wants you to accept him as your lord and saviour
Hood Humanitarian LLC definitely took notes! Thank you
Priceless information for young and old small businesses owners.This information should be taught to young minorities at the age 14 so they can understand intricate of running a business and learn about creating you own businesses to create generational wealth
Absolutely!
❤
Junior achievement and finance park
After scrolling on to the 5 different bank accounts for an LLC I found this video.... Easily rung the bell and hit that subscribe button! Great content 💯
This is great. As a New Business Owner and a Business Owner in the past, I was never good at paying my Taxes and end up owing the IRS. Thank You for this info! I will Subscribe. Yes, CASH IS KING!!! Save 10 Percent on all Profits. I would be in much better situation financially has i known this Years ago. 🙏🙌🙏🙌
How do they calculate how much you owe them if they don't know exactly how much your business is making.
Or use a payroll company to do it for you.
@@nadirahcroom1938 You self report it on you tax return. Underreporting income and overstating expenses is tax fraud.
Watched several videos about this, best one by far.
Brilliant! Clear, concise and super helpful. Well done Prince.
LOL. I've managed a single member LLC for a number of years but this video is a GREAT review of the basics, above all about keeping good records of all your transactions!!
Needed this king thank you so much.
So proud of you my brother. This was masterfully done. Thank you.
This was one of my Morning blessings. Thanks for this simple advice
Appreciate this info! On a late night it was easy to understand, love it even more that its advice from a brotha ✊🏾✊🏾✊🏾
Thank you, you just save me a semester in 12 minutes
Thanks, your videos are always thorough & impactful!
Prepping for staring my own business and I'm so glad I found your video. Thank you!
Nothing but game man. All the knowledge is greatly appreciated. Keep it up
Mannn these business videos are sooo informational 🙏🏾
The best 20 minutes of my research on TH-cam! Thank you my Prince! 🙏👍👏
Thank you so much for this video! I am a new business owner and I am so glad I sat down and watched this.
This is a word! I’ve been living that for the past year and finally able to scale. Thanks for speaking reality.
I enjoy your style of teaching! It’s very easy to follow.
You’re also easy on the eyes. 😍
Thanks a lot!
Great break down. We newbies to the business world really appreciate you!❤️
I am so grateful for watching you until the end. I am in the process of starting my own business.
Finally decided today to start my own business and been researching LLC and your videos came up. Thank you for getting straight to the point your a life saver.
Didn’t even watch it yet and I know it’s a gem 💎
.....because he wears glasses and has a neat beard🤔
Same
Thanks for these videos, it's a life saver for a new guy starting my LLC.
This was helpful dawg✊🏽I appreciate you for this
You are a very intelligent man! Thank you for this video! I am starting a new business and needed to hear ALL of this. None of my business classes broke it down like this. Blessings to you!
Donnell, your channel is a complete blessing to me. As I start my journey for my organization, your videos have been so helpful. Thanks for your time and wisdom
I'm glad I ran into your channel. I'm studying and taking notes before I legalize my business.
The best free content on how to professionally run your business ! 👍🏽
The breakdown of the accounts/expenses was great. I love emphasizing the savings account.
Maybe because I have viewed and listened videos related to this subject many times before but, this was so well explained and easy to follow. Truly, it was a class. It can be written down in bullets while normal playback.
Bro!! I just found you on TH-cam recently and I can’t say enough about how much your videos have helped me! You have a very good, comprehensive way of explaining things in order. I wish I would’ve found your channel a long time ago because for the first year or so I have made a mess of my LLC books. I was also running everything from my personal account and we all know that’s a recipe for disaster. I still have a lot to learn but, because of you and your knowledge I have made some monumental progress. You are a great educator. I can’t thank you enough! Take care!
this video was such a blessing! much appreciated!
I have been looking for a breakdown like this for so long. I appreciate you, brotha! Just subscribed.
You're welcome. Thanks for watching!
I ABSOLUTELY luv this video ...But, you forgot (1) thing tithing & offering !¡ Trust , tht helps too..if they want to eventually see a bonus in return !¡ ♡
Wow. Where in the entire Bible did you read tithes was money? Seems you have been misled by a pastor looking for filthy lucre.
It’s very sad that you haven’t read the Bible for yourself to understand that you have been duped.
Straight to the point and highly informative. Many thanks bro! 🙏
Well done! Thank you for keeping it simple and to the point. This is information that I learned the hard way, but that's the game. I look forward to more of your videos
You explained this so well. I understood everything you said fa'real
Very well done thank you. This is one of the best videos on paying yourself as an LLC that I have seen yet. Most videos I see spent about a minute or two talking about paying yourself as an LLC and then they go in about 5 to 10 15 minutes on becoming an S corp.
Man this video was SUPER INFORMATIVE! Thank you SOOOOO MUCH!
Thank you for that breakdown! My first video! Happy I found your channel!
OMG I've been struggling with this whole how much to pay myself. I don't have many friends who have successfully businesses or accountant friends. This really broke it down. I had no idea about the SE Taxes or Federal taxes. I was taking out my state taxes of course but this really put it in perspective. So glad I was able to find this and help me set things up properly. Thanks for also mentioning the operational funds.
Awesome video. Young entrepreneurs NEED exactly this exactly the way you put it forth
I watched several different channels on these topics this morning that still left things a little unclear. Yours were by far the easiest to understand. Thank you sir!
Hey man this was a very informative video...can’t wait to see more of your content. We are building an E-commerce company and are a young company. So this is good to know as I have been consuming tons of information on all aspects of running a company!
Thank you for this and thank you for keeping the $ amounts low for us that just started. So I can relate.
Bro!!! You are the man!! Thank you I’ve been looking for these answers or better yet looking for a better understanding of these topics for a longtime!! Thank you!
This was SO helpful. Thank you so much for breaking it down in such a clear and concise manner.
This was very informative, because I did start a single member LLC in May 2019! Thank you🥰 I also shared with other family entrepreneurs!
This was straight to the point and so easy to understand!!! Thank you
You're welcome. Thanks for watching!
This was super helpful! Thanks for breaking everything down so simply!
Awesome video! Happy I found your channel.
@Prince Donnell PLEEEAAASEE drop that S-Corp heat ASAP. God Bless You and the Family, keep up the great work 🙌
This opened my eyes wider. Thank you, sir! I just started my company last year in June and didn't pay myself, nor my partner yet. I wanted to make certain to tread lightly on our revenue. Again, many thanks!
this made so much sense. thank you for your knowledge.
dude u hit it on the nail keep up the good work
Dude, you nailed it! I've helped several hundred clients set up LLCs and many are SMLLCs. I briefly explain how they will be paying taxes if they opt out of getting taxed as a Corp but I recommend they get a tax accountant (I don't do taxes). You have a real knack for explaining a not-so-simple process. If you ever get into setting up a hard wallet for Bitcoin, bring it on. I messed up along the way and help is hard to find.Good day to you.
Thank you I'm really trying to understand the break down I'm about to start a few businesses and i don't know much but i do a lot of research so I am learning step by step sihirli appreciate videos like this
Thank you, I just subscribed to your channel and I'm right in the birth of my business. This was Golden Prince.
Thank you for sharing your knowledge! I pray your business is blessed beyond measure xoxo
I just subscribed loved how you broke everything down. I have my our trucking business (LLC) and just celebrated our 1 year in business. Boy it was a struggle having no clue what to do, but we made it. With that being said, this year I am trying to learn more about how to grow the business, and better bookkeeping. Any advice on bookkeeping? Currently I just use excel to keep track of our profit, loss / expenses. I would also like to begin paying myself slowly but surely. Would you possibly be able to do a video on what all we can claim as small business owners as deductions/expenses?
this was crazy helpful!!!so many gems dropped I learned sooo much!!Thankyou so much
Love this!! Made so much since. Thanks for breaking it ALL THE WAY DOWN! ❤️
Excellent information. Thank you for leaving out industry jargon. Subscribed
Brilliant!!! Prince Donnell, easy to understand and follow along. Thank you for demystifying taxes for single member LLCs, Sole Proprietors, Entrepreneurs. Stellar delivery!!!😊
Thanks again and God bless❗💯🙏🎚️
The strategy should work regardless of how much your business makes each month. Thank you, this video was very helpful. I took a small business course and didn’t even learn this much in four hours that you just taught in about 12 minutes.
I appreciate your help SO MUCH ! Thank you .
I learned a lot from you bruh. Dropping gems! I appreciate you
Thank you, sir! Answered my questions and more. Keep the info coming. More on non-profit, hiring for small business, 1099. Please!
Appreciate your content 🙏🏾God bless
Thanks a lot for this vid bro, keep them coming!
I just found you on YT today, and I am so thankful that I did. I'm about to incorporate my LLC very soon and all the videos I've watched of yours so far have been phenomenal and very informative. Thank you so so much for putting the time and energy into these videos to help us small business owners be informed and successful! ❤
@Prince Donnell/ As soon as I started watching this video, you described me-as I’m about start my very first LLC, I sell products online. You described this so very clearly. Keep teaching!!
Note: One problem with your example-as applicable to me, is wether my incoming Monthly Profit, will allow me to pay for everything in my LLC. Especially if I don’t come up with the necessary Loan money to purchase my source materials. As I’m at the raw starting line, not having investment to acquire my products, becomes a daunting issue.
It’s the which came first, the chicken or the egg problem. I’ll figure it out...somehow. I hope.
Thank you, for a great Tutorial.
This is the most importation information I have come across so far in starting my business. Thanks!
You're welcome. Thanks for watching!
Thanks Donnell!! Love the breakdown. God bless you🙏🏾
great ideas, thank you for posting those videos, helps a lot !!!
Great video, but I have to disagree on cash being king. Credit is king! Especially when we are talking about business credit lines & how you can leverage 0 percent APR cards to use for your business.
I agree. If you're in cash then your money is not working for you.
this was great information! This is the kind of info that needs to be given to our youth as they venture out into the world of entrepreneurship. This was very easy to understand and straight forward. Thank you for this!
You're welcome. Thanks for watching!
OMG!! Glad I came across you. Just started single member LLC. This is helpful.👍🏽😁
Love the way you teach and explain all the information you take your time and realize that people are following your steps not just physically but mentally as you speak on one subject it allows us to get a visual in our head before you move to the next subject I appreciate that didn't you him watch some other channels and they just moved too fast not allowing you to even digest the info keep doing with your doing in just the way you do you are appreciated for that🎉🎉🎉
Love the break down. Learned something new. My husband is growing his business and I will definitely share with him
Thanks for watching!
For now I'm only paying myself with food and doordash 🤪 because all income I want to invest back in the business🤑
I. NEEDED. THIS!!! Thank you!
Thanks for the great information Bro! I’m your big fans
Thanks Definitely needed this. I’m going to save it as well. In case I missed anything