How To Pay Yourself (And Taxes) in a Single Member LLC
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- čas přidán 16. 08. 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?
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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! - Jak na to + styl
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
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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.
I was dreading how complicated this could be....but conceptually, you made this pretty understandable. Thank you.
Glad to hear!
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 🙏🏼😎👍🏻
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!
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
czcams.com/video/lLwZ6VAttpQ/video.html
Thank you for taking your time to explain in such a simple and easy way to understand.
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
This is the BEST, most straightforward explanation that I needed! Thank you!
Glad this helped.
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!
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?
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
THANKS, VERY CLEAR AND EASY TO FOLLOW
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!
Thank you, Chad. Great information. Very helpful.
Thanks glad to help!
Omg love love this! This was so clear! I actually understand this. Thank you so much 🥰
Glad this helped
This is a fantastic video. It's clear and easy to understand your explanations. Thank you for providing this information.
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!
You've clearly made this video for lil ole me. Thank you!
😍
Great@
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!
Thank you for putting this video out!
Thank you! This is the exact info I needed
Thanks glad to help!
Vey information video. Thank you so much for posting!
This is an amazing video man, thank you. .Simplicity is king
Glad this helped! More on the channel and updates coming soon.
oh my god this is the best explanation and most simplistic example that you could use. I really learned a lot and appreciate how easy you make it for us new business owners to understand !
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
czcams.com/video/lLwZ6VAttpQ/video.html
This was the most simplistic explanation I have seen on paying yourself from an LLC. Thanks!
Glad it helped
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
Excellent video. Very clear and understandable.
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?
You made this so simple! Thank you:)
Glad it’s helpful.
This information is gold! Thank you for sharing.
Glad it was helpful!
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!
Very good, easy to understand video. Thank you!
Thank you! Exactly what I needed to know.
Glad it helped!
I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!
So helpful. Thank you!
Thank you for making it so simple to understand.
Glad it was helpful!
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
czcams.com/video/lLwZ6VAttpQ/video.html
Great explanation, thank you!!
Well explained and easy to understand. Super helpful! Thank you!
This was most 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
czcams.com/video/lLwZ6VAttpQ/video.html
What awesome information. Thank you!!!
Glad it helped!
Great video, had to just watch once (at 1.25x) and I already have much better understanding on how to manage payments and taxes as a single member LLC. Thank you so much!
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.
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
czcams.com/video/lLwZ6VAttpQ/video.html
Thank you for making it so easy. You helped me a
Lot!🙏🏽
Great information! 👍🏾
See 2022 update Single Member LLC Taxes, Estimates, and How to Pay Yourself
czcams.com/video/lLwZ6VAttpQ/video.html
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!
Thank you this was extremely helpful
Glad it is helpful!
Suggestion: I like the information, however, get rid of the background music, it is distracting and harder to focus on your words.
So great! Thanks!
Thanks glad to help!
Great content and way to stay on topic. Very good! Also, your penmanship is somehow worse than mine, didn't think that was possible! 😉
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!
Yes! THANK YOU FOR THIS!!!!
You're so welcome!
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!)
czcams.com/video/lLwZ6VAttpQ/video.html
Thank you Chad, your vid is awsome !
Glad you liked it! pinewoodtax.com to get more advanced help.
Well explained
This video was very helpful
Thank you for the explanation
Thanks!
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!)
czcams.com/video/lLwZ6VAttpQ/video.html
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
czcams.com/video/lLwZ6VAttpQ/video.html
Excellent!
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!)
czcams.com/video/lLwZ6VAttpQ/video.html
Great video sir
Thanks!
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!)
czcams.com/video/lLwZ6VAttpQ/video.html
Great vide, thank you!
Glad it helped!
Thank you just beginning to form. I want to have all my operations in order.
Good luck to you.
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!)
czcams.com/video/lLwZ6VAttpQ/video.html
Very helpful!
Glad this helps!
Super relieving to watch.
Glad it helped.
Thank you!
So helpful new sub, thank you!
Thanks for the sub!
See 2022 update: Single Member LLC Taxes, Estimates, and How to Pay Yourself
czcams.com/video/lLwZ6VAttpQ/video.html
Thank you so much ❤
Thanks Man 🙂
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Here is a 2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
czcams.com/video/lLwZ6VAttpQ/video.html
Thank you chad.
Glad this helped!
Awesome explanation!! (the music was very distracting for me.... had to try really hard to tune it out) But really, Thanks for the education!
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!)
czcams.com/video/lLwZ6VAttpQ/video.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!)
czcams.com/video/lLwZ6VAttpQ/video.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!)
czcams.com/video/lLwZ6VAttpQ/video.html
Wow
Great information!!
Glad this is helpful see updated LLC tax video here: Single Member LLC Taxes, Estimates, and How to Pay Yourself
czcams.com/video/lLwZ6VAttpQ/video.html
See new video update! Single Member LLC Taxes, Estimates, and How to Pay Yourself
czcams.com/video/lLwZ6VAttpQ/video.html
This is extremely helpful for CZcamsrs, 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
This is now my favourite video. :)
Thanks!
See update video here! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
czcams.com/video/lLwZ6VAttpQ/video.html
Well explained! Best video on CZcams 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!)
czcams.com/video/lLwZ6VAttpQ/video.html
So let’s say of the $100,000 you made in profits, you pay yourself $20,000 through owner draws. You don’t have to pay additional taxes on the $20,000?
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
czcams.com/video/lLwZ6VAttpQ/video.html
Thank you so much.
Thank you
Great vid
Thanks!
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Update video for you!!Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
czcams.com/video/lLwZ6VAttpQ/video.html
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.
Thank you.
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 🙏🏻
Thank you
How do you take check is it monthly or randomly
Does it make a difference
Pay yourself / transfer / draw, all same thing. Pay yourself every day, week, month, doesn't really matter. Just remember your pay (draw, transfer, etc.) is not an expense. Do not include it on the profit and loss.