Owner Draw 101 | for Photographers

[@lonnieridgeway3722]

do you have a video on how much taxes i will be paying for a draw?

[@bastianaccounting]

You don't pay taxes on draws you pay them on your entire net profit, (income - expenses) what you pay yourself as a draw is not an expense it is merely a change in the balance sheet equity. I teach all of this in www.totaltaxtransformation.com

[@Gunnumn]

I use your video for political arguments all the time. Its literally a golden ticket to shut a leftist up. Love your stuff.

[@dandewashington]

Does this apply to independent contractors? And would they need a separate business account to receive payment (for a service they provided)?

[@bastianaccounting]

yes because independent contractors are self employed =)