How To Pay Yourself (And Taxes) in a Single Member LLC
ฝัง
- เผยแพร่เมื่อ 16 ส.ค. 2020
- Do you own a Single Member LLC in the U.S.? Want to know how to pay taxes and pay yourself as an LLC owner?
Offers for Entrepreneurs
💳AMEX Platinum Business refer.amex.us/CHADP1XYH?XLINK=...
💵 Get Payroll with Gusto ($300 Bonus!): gusto.com/r/chad2248
My Social Media Channels
😊Instagram: / chadcpatax
🔥TikTok: / chadcpatax
In this video, I cover the very important topics of:
* How do I pay myself as an LLC owner?
* How do LLC owners pay taxes?
* Which tax return form do I file for my LLC?
All this and more! - แนวปฏิบัติและการใช้ชีวิต
Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.
@@WilliamEthan00 Alice Marie Coraggio her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy...
@WilliamEthan00you’re literally describing fear. It’s irrational to steer clear of the stock market due to fluctuation.
It is amazing how you can watch so many videos and still be confused because other creators try and cover too much. I just wanted to know about single owner LLC. Nothing more.. and this video was the first one that make it clear and simple.
Finally someone makes it easy and understandable for all us single LLC entrepreneurs. Hiw many videos i had to go through to get to one that finally lays it out clearly. Can't thank you enough, huge cheers.
Love this explanation! I can’t tell you how many videos I’ve watched & this is only 9 mins too. You kept my attention & taught me something valuable & extremely needed & helpful thank you 🙏🏼😎👍🏻
Brilliant video. I'm doing the "side hustle" setup, and your explanation and sketch of the forms made everything clear. Thanks so much!
Jackson I am glad this helped! All the best to you!
See update video here Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
One of the best and simplified videos Ive seen on this topic. Thanks Chad. keep putting out good info.
This was amazing! Very easy to understand for beginners the way you broke it down… THANK YOU
Thank you!
I was dreading how complicated this could be....but conceptually, you made this pretty understandable. Thank you.
Glad to hear!
Chad. Your excellent man. You made it very simple and saved me from unnecessary headaches. You are awesome. Good luck
Thank you glad this is helpful
Thank you sir. Recent LLC business owner and trying to figure things out, this helped alot. Thank you!!
Awesome! Thanks for making this so simple. I was having a hard time getting that simple answer elsewhere
Great video, thanks for help. I just started my own llc and freaked out about this topic but you explained it well
Glad to help!
Thank you for taking your time to explain in such a simple and easy way to understand.
This is the BEST, most straightforward explanation that I needed! Thank you!
Glad this helped.
I have been looking all over for this information thank you for making it so clear.
Glad it was helpful!
@@ChadPavelcpa Ok so your gonna pay quarterly taxes on your LLC profits? And at the end of the year you file and do a pass thru-so schedule c to 1040? Does that sound about right?
You've clearly made this video for lil ole me. Thank you!
😍
Great@
Quite helpful and easy to follow. Love that you added the visuals. Cheers!
Thank you!
See 2022 update video: Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Thank you for making this so easy for me to understand. I have paid taxes for the entire 5 years I have been operating but NO ONE has explained this part. Thank you
You just cleared up so much for me, literally wrapping up 1st year and you answered so many questions I had thank you
I am glad this helped - check out my 2022 video update on schedule C too. Thanks and good luck 👍
Thanks!
Omg love love this! This was so clear! I actually understand this. Thank you so much 🥰
Glad this helped
Thank you so much for this!
I made myself an "employee" with my single member LLC and was paying myself as an employee and having taxes taken out that way.
Thank you for this explanation!❤❤❤
Well - if you are taxed as a sole proprietor - not an S Corp - I’d ask your tax professional to assess this. Owners of single member llcs are not employees and cannot receive a w-2 paycheck!!!
@@ChadPavelcpaso can u write yourself checks if it is S corp as W2?
Thank you so much. This gave a great template to look at. I was more or less gifted my dream business very suddenly and I’m trying to figure it all out. Thank you again
Glad it is helpful to you. Good luck with the new business!
very clear and to the point , you are the first video of many I have watched that gave it to us straight (Just the Fact) , Many thanks
Thank you, Chad. Great information. Very helpful.
Thanks glad to help!
This is an amazing video man, thank you. .Simplicity is king
Glad this helped! More on the channel and updates coming soon.
This was the most simplistic explanation I have seen on paying yourself from an LLC. Thanks!
Glad it helped
Finally , I can understand this , simple but very very informative.. did not exaggerate once or try to flex “big words”. Thank you bro .
Glad this helped!
Vey information video. Thank you so much for posting!
Amazing video. Explained every question I had
This was very informational and answered a lot of questions I had.
Great! Good luck build your legacy!
This information is gold! Thank you for sharing.
Glad it was helpful!
Thank you for putting this video out!
THANKS, VERY CLEAR AND EASY TO FOLLOW
You made this so simple! Thank you:)
Glad it’s helpful.
You are the man! Thanks so much for the great explanation.
Thank you glad it helped
See 2022 update video: Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Thank you! This is the exact info I needed
Thanks glad to help!
This was most helpful, thank you.
Thank you so much for putting this out and not taxing people for the info. God bless you keep going there are only roughly 650,000 CPAs in the country. Your a rare breed and in high demand.
Thank you Get more help here: pinewoodtax.com/
2022 tax update for you!! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Love the white board, it made everything so simple. Thank you!
Glad you enjoyed
See 2022 update! Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Thank you! Exactly what I needed to know.
Glad it helped!
Hello, I am a Corporate Accountant with 30+ years of experience, and now I'm launching my own online business. Your straight-forward approach is greatly appreciated!
Congratulations on launching your business!
Great explanation, thank you!!
This is a fantastic video. It's clear and easy to understand your explanations. Thank you for providing this information.
Awesome great information! Thank you so much and also make a video for foreigner owned single member llc tax planning 😊
Thank you, this topic is on my list!
Excellent video. Very clear and understandable.
Very good, easy to understand video. Thank you!
Thank you for making it so simple to understand.
Glad it was helpful!
So helpful. Thank you!
Thank you for this video!🎥 easy to understand!
Thanks an update video coming soon!
See 2022 update here: Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
What awesome information. Thank you!!!
Glad it helped!
Great information! 👍🏾
See 2022 update Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Thank you Chad, your vid is awsome !
Glad you liked it! pinewoodtax.com to get more advanced help.
Thank you this was extremely helpful
Glad it is helpful!
Thank you for the great information!
Glad it was helpful!
Here is a 2022 update! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
This video was very helpful
Yes! THANK YOU FOR THIS!!!!
You're so welcome!
Thank you, I have been saying for a while now that someone needs to explain this like I was 5 years old. I think I understand now.
Very helpful! Thank you 🙏🏽
Glad it was helpful! pinewoodtax.com to get more advanced help.
2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Thank you for making it so easy. You helped me a
Lot!🙏🏽
Finally a video I understand THANK YOU
Thank you! Look for an update video coming soon
See update video Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Thank you for the explanation
Thanks!
This was very helpful. Thank you.
Glad! pinewoodtax.com to get more advanced help.
Tax update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
thanks Chad! good video!
Thank you!
Here is a 2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Wow
Great information!!
Glad this is helpful see updated LLC tax video here: Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
See new video update! Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
So helpful new sub, thank you!
Thanks for the sub!
See 2022 update: Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Well explained
Thank You, Thank You for this video!! I still barely know what I am doing. I am going to watch the next video now.
I am not great with numbers at all.
My husband and I just started an LLC and my job is the “books”. He’s not getting paid until I figure this out 😂😂.
He might be homeless soon lol!!
Thanks again!
Hope the videos help!
😂🤣😂🤣
See 2022 update: Single Member LLC Taxes, Estimates, and How to Pay Yourself
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Awesome explanation!! (the music was very distracting for me.... had to try really hard to tune it out) But really, Thanks for the education!
Thank you just beginning to form. I want to have all my operations in order.
Good luck to you.
Great video sir
Thanks!
Very helpful!
Glad this helps!
So great! Thanks!
Thanks glad to help!
Excellent!
Thank you so much ❤
Thank you!
Well explained! Best video on TH-cam so far!
Thanks glad to help!
Here is a 2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Literally asked everybody I knew in business how this process works and never got this clear of an answer. Thank you so much ✌
Glad this helped!
That's true talk unhelpful
2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Thanks Man 🙂
No problem 👍 Work with me: pinewoodtax.com/
Here is a 2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Thank you chad.
Glad this helped!
Great vide, thank you!
Glad it helped!
Great vid
Thanks!
This is awesome! I feel I struggle with working a w-2 job, then I work a 1099 job and also own a single member LLC. I always get stuck with how to document that on a schedule C (do I combine them or add two schedule C documents). I also get stuck with do we need to show proof when providing a schedule C on our LLC income? So many questions haha!
I hope this helps.
Sounds like your trying to do it yourself ...U need HIRE an ACCOUNTANT...sis ......
Here is an update for 2022! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
perfect so simply explained
Glad it was helpful!
Here is a 2022 update! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
This is now my favourite video. :)
Thanks!
See update video here! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Super relieving to watch.
Glad it helped.
Excellent video! I have a quick question, do you pay yourself from the total revenue, or from the taxable profit?
Thanks another this video us helpful
Glad to help pinewoodtax.com to get more advanced help.
Update video for you!!Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Hey Chad, great video! Is this all true even if my single member LLC has its own EIN?
Thanks so much for this information. Question, when I add in my expenses for the year, will the taxes that I owe be less?
Helpful overview thank you! Do you have a walkthrough for figuring out the estimated tax payments throughout the year?
Yes this should help: Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
This is extremely helpful for TH-camrs, Streamers, and other creatives that make a steady income and open an LLC for the liability protection. Would love to hear you talk more about how to do quarterly estimations, actually pay taxes, and how to reduce tax payments.
Thank you! We have more content coming that addresses these items, coming soon!
Great question!
You need to do some more research my brother…
Phuong tran
Hey Chad awesome video! I’m a New single member LLC also and I’m trying to figure out all the tax requirements and deductions I need to be aware of, I’m a videographer/Photographer and I would like to know what form to file since this is my main source of income. Also typical deduction for camera gear, mileage, and other travel expenses.
This video was really helpful I don’t quit have the capital to hire an accountant or CPA but I am going to sign up for quickbooks to manage everything.
Hello! See our full video + blog post here, new video just came out today expanding on this exact topic: pinewoodfs.com/blog/self-employed-schedulec-taxes
Sweet thanks I definitely will look at it !
Also should I do an S-Corp to get away from paying Self employed taxes I just have a basic Single member LLC currently.
@@TheCrossOverMedia once your net income exceeds $50,000 for the year and you intend to grow it beyond that then S Corp could make sense - but not always. But it comes with more cost and complexity: payroll, potential state corporate income tax, a separate tax return, and other corporate filings and actions. All of which have a cost and compliance to deal with. So self employment tax is only one consideration out of the many...I wouldn’t worry about S Corp until you have good profits and want to take on the additional s Corp overhead - then you can save thousands on SE tax.
Hi, so if I write a check to myself from the business will that be the same deduction like paying a bill or buying something for the business?
Basically it doesn’t matter how much distribution you take out at the end of the year you have to pay for the entire net profit. Even if you haven’t taken it out yet.
Good video!!
Correct - thanks!
See update video here hot off the press! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
th-cam.com/video/lLwZ6VAttpQ/w-d-xo.html
Thank you.
Awesome and super simple video Chad! I’m just starting to get my initial revenue in my side hustle LLC which I’ll be taking full time within the near future. Is it best to consult a CPA at this point? Would love to chat with you! 👍🏻
Hello thank you for asking. At this time we are educating entrepreneurs online only. I suggest searching for a small accounting or cpa firm in your area for best results.
Thank you so much.
Thank you
Chad, you did a great job with this video and your explanation helped a lot. The one question I still have... so when you make an owner's draw, there are no additional taxes such as self employment or social security that you have to pay, correct? You would still have to pay those even if you just left the money in the company as retained earnings, right?
Hello Pierce yes this is correct. You are taxed on the profits of the business regardless.
My accountant explained that with an LLC you will have to pay FICA (Social Security Medicare) and Ordinary Tax, therefore if your total business profit is 100k then you are paying FICA and Ordinary tax on that total amount, which can be pretty hefty, however, if you are an LLC and elect to be taxed as an S Corp then the portion that you pay yourself will be responsible for FICA state and federal just like when you work for any other company that issues a W2 and your business will only be responsible for paying Ordinary Tax. So example: My business made a profit of 200k after all expenses, I paid myself and my partner 40k each so a total of 80k in wages, that leaves my actual profit at 120k. Since I already paid FICA taxes on 80k through my payroll then my business will not be responsible for paying that and therefore all my business would pay is Ordinary Tax on the 120k instead of on the original $200k. The cool thing is that any draws that we make out of the business account throughout the year wont be taxed again so for example: I receive my paycheck (from my 40k salary) but I want to draw an extra $1000 from my business profits every month as a "bonus", that amount will not have to be taxed like my salary gets taxed. I dont know if its different for a single member LLC, but my example is on a 2 member LLC.
Hey Chad - great video! I'm looking into signing up for EFTPS in order to pay my quarterly taxes coming up. I am a single-member LLC and I'm a bit confused if I should be enrolling as a business or an individual. Which one would you recommend I select when signing up?
Hello - you pay your taxes as an individual using your SSN. EFTPS is only for federal taxes for corporations and some other taxes.
Make your estimated tax payments to the IRS as an individual. www.irs.gov/payments
This video is better then great
Thank you for explaining this in a simple and understandable way. Are there thresholds on the minimum income of an LLC to file taxes? and also one more question, what if you break even the first year between expenses and income? do you still file taxes? (super new at navigating all of this)
You should always file a Schedule C if your single member LLC has any revenue or expenses at all. You may not have any tax due if the expenses are higher than the revenues (a loss), but you still need to file.
@@ChadPavelcpa thank you 🙏🏻
You made that simple.
Glad it helped!