Thank you so much, your videos are so helpful. I am a first time bookkeeper and learning as I go working with a company 😆 every week I reference your videos
So Glad that I found your tutorials, which I have subscribed to. You explain everything so well, I still have a lot of your tutorials to watch, I am learning so much from you, so a very big thankyou.🙂
Could you please create a video detailing the entire process of what to do when you have a client for the first time as a bookkeeper? Include the initial steps, the do's, and the don'ts. We would really appreciate it! Btw, thanks for your video we really appreciate it. Very informative and helpful.
As you mentioned, an S-Corp owner is probably taking a salary and distributions. You showed us to set the owner up as a vendor for the equity distribution. I assume the owner is set up a 2nd time as an employee for the W2 portion?? Thanks! Joe.
Thank you! I have learned SO much from your videos. I own an LLC with S Corp tax status. I am the only owner and only employee. I have already set myself up in QB as a W2 employee. Am I understanding you correctly that I also need to set myself up as a vendor when I categorize my Owner's Distribution bank transactions? So basically I will be in QB as both an employee and a vendor? Thank you!!
How is the tax paid for distributions? Is it more beneficial for an owner to take a higher distribution vs a lower salary? Which one is lesser on the tax bracket for an S-corp?
You need to pay yourself a "reasonable compensation" in W2 wages as a S-corp owner. The profits of the business will be taxed regardless of how much you take for distributions.
What would be an appropriate proportion for an owner of an S Corp. which usually pays herself via W2 to instead split her annual income between W-2 and distributions? Do you have a video that talks about that? Thanks!
There is no rule about percentage breakout between the two. You need to pay yourself a "reasonable compensation" in W2 wages as a S-corp owner. We are planning more videos on reasonable compensation!
Thank you for this, I've been wondering how to set up a draw....I have used Quicken for personal accounting for years, and just started a new sole proprietorship. I plan on using quickbooks for isolation of business from personal, but can you maybe discuss is there a pathway to tracking both on quickbooks? Or is it better to maintain complete separation?
good question. I recommend separating them completely - you can keep your quicken for personal and set up a QBO file for your new business (congrats by the way!). I use Monarch for my personal finances and QBO for the business. I've thought about if it's even possible to do both in QBO, and it really isn't.
How about business owners drawing money out of the business account and use the money to pay off a business vehicle loan? It is still considered an owner draw?
No, the business vehicle loan should be on the balance sheet as a debt, and that payment would be recorded against the loan to reduce the loan balance.
Thanks!
Thank you so much!!!
Almost 5 years already 0 INCOME
Nothing from anywhere "0"
Thank you so much, your videos are so helpful. I am a first time bookkeeper and learning as I go working with a company 😆 every week I reference your videos
So Glad that I found your tutorials, which I have subscribed to. You explain everything so well, I still have a lot of your tutorials to watch, I am learning so much from you, so a very big thankyou.🙂
Love to hear it!
I absolutely agree! I am also so happy that I found your tutorials.
Great video as always.
Thanks for watching :)
Thank you, could you show the next step iie. when you clear out the balance sheet line item for the distribution to retained earnings?
Your content is so helpful. Thank you.
I’m so glad!
Could you please create a video detailing the entire process of what to do when you have a client for the first time as a bookkeeper? Include the initial steps, the do's, and the don'ts.
We would really appreciate it!
Btw, thanks for your video we really appreciate it. Very informative and helpful.
Great Video, Thank you so much.
As you mentioned, an S-Corp owner is probably taking a salary and distributions. You showed us to set the owner up as a vendor for the equity distribution. I assume the owner is set up a 2nd time as an employee for the W2 portion?? Thanks! Joe.
Thank you! I have learned SO much from your videos. I own an LLC with S Corp tax status. I am the only owner and only employee. I have already set myself up in QB as a W2 employee. Am I understanding you correctly that I also need to set myself up as a vendor when I categorize my Owner's Distribution bank transactions? So basically I will be in QB as both an employee and a vendor? Thank you!!
Would love an additional video on how much an owner should think about drawing from the profits...
Working on this!
Thank you for this! I am a new subscriber and want to learn from your videos.
Thanks for being here!
Really valuable information.
I try :D
Very helpful info!
Great video, thank you!🙏🏽
How is the tax paid for distributions? Is it more beneficial for an owner to take a higher distribution vs a lower salary? Which one is lesser on the tax bracket for an S-corp?
You need to pay yourself a "reasonable compensation" in W2 wages as a S-corp owner. The profits of the business will be taxed regardless of how much you take for distributions.
Love your channel! I would love to hear about how to grow your business.
thanks for being here! Noted!
What would be an appropriate proportion for an owner of an S Corp. which usually pays herself via W2 to instead split her annual income between W-2 and distributions? Do you have a video that talks about that? Thanks!
40/60
There is no rule about percentage breakout between the two. You need to pay yourself a "reasonable compensation" in W2 wages as a S-corp owner. We are planning more videos on reasonable compensation!
Thank you for this, I've been wondering how to set up a draw....I have used Quicken for personal accounting for years, and just started a new sole proprietorship. I plan on using quickbooks for isolation of business from personal, but can you maybe discuss is there a pathway to tracking both on quickbooks? Or is it better to maintain complete separation?
good question. I recommend separating them completely - you can keep your quicken for personal and set up a QBO file for your new business (congrats by the way!). I use Monarch for my personal finances and QBO for the business. I've thought about if it's even possible to do both in QBO, and it really isn't.
Doesn't a distribution reduce the percentage of ownership of the individual receiving it if other partners are contributing that amount?
I would love a how much to distribute as OD video
How about business owners drawing money out of the business account and use the money to pay off a business vehicle loan? It is still considered an owner draw?
No, the business vehicle loan should be on the balance sheet as a debt, and that payment would be recorded against the loan to reduce the loan balance.
If the business is at a "loss" where does the "distribution" funds come from?
Existing cash balances. This could be from past profits that were retained in the business or it could be coming from borrowed funds.
I needed help please I have only android phone and been having a hard time been homeless 0 INCOME
Yes can you please help me 🙏 thank you 🙏
10:20
My account was locked my phone been locked
😊😊😊
My info blocked and I am the stakeholder and shareholder
My info blocked my email and my phone blocked
"0" INCOME nothing from anywhere
Almost 5 years already NO INCOME at all 0 from anywhere we've been homeless
!!
😊😊😊