How To Pay Yourself (And Taxes) in a Single Member LLC
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- Опубліковано 16 сер 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! - Навчання та стиль
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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.
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.
Thank you for taking your time to explain in such a simple and easy way to understand.
Thank you sir. Recent LLC business owner and trying to figure things out, this helped alot. Thank you!!
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!
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
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 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
This is the BEST, most straightforward explanation that I needed! Thank you!
Glad this helped.
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 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!
THANKS, VERY CLEAR AND EASY TO FOLLOW
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
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
This was the most simplistic explanation I have seen on paying yourself from an LLC. Thanks!
Glad it 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?
Thank you, Chad. Great information. Very helpful.
Thanks glad to help!
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!
Amazing video. Explained every question I had
You've clearly made this video for lil ole me. Thank you!
😍
Great@
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 !
This is a fantastic video. It's clear and easy to understand your explanations. Thank you for providing this information.
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 for putting this video out!
Thank you! This is the exact info I needed
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.
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?
This was very informational and answered a lot of questions I had.
Great! Good luck build your legacy!
You made this so simple! Thank you:)
Glad it’s helpful.
Vey information video. Thank you so much for posting!
This information is gold! Thank you for sharing.
Glad it was helpful!
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! Exactly what I needed to know.
Glad it helped!
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
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!
Very good, easy to understand video. Thank you!
Excellent video. Very clear and understandable.
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!!
So helpful. Thank you!
This was most helpful, thank you.
What awesome information. Thank you!!!
Glad it helped!
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.
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Thank you for making it so simple to understand.
Glad it was 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
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Great information! 👍🏾
See 2022 update Single Member LLC Taxes, Estimates, and How to Pay Yourself
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Thank you Chad, your vid is awsome !
Glad you liked it! pinewoodtax.com to get more advanced help.
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!
Thank you this was extremely helpful
Glad it is 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
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
This video was very helpful
So great! Thanks!
Thanks glad to help!
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
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
ua-cam.com/video/lLwZ6VAttpQ/v-deo.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
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Yes! THANK YOU FOR THIS!!!!
You're so welcome!
Great content and way to stay on topic. Very good! Also, your penmanship is somehow worse than mine, didn't think that was possible! 😉
Great video sir
Thanks!
Thank you for the explanation
Thanks!
Well explained
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Thank you for making it so easy. You helped me a
Lot!🙏🏽
Great vide, thank you!
Glad it helped!
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Excellent!
Very helpful!
Glad this helps!
Super relieving to watch.
Glad it helped.
Thank you just beginning to form. I want to have all my operations in order.
Good luck to you.
So helpful new sub, thank you!
Thanks for the sub!
See 2022 update: Single Member LLC Taxes, Estimates, and How to Pay Yourself
ua-cam.com/video/lLwZ6VAttpQ/v-deo.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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
This is extremely helpful for UA-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
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
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Suggestion: I like the information, however, get rid of the background music, it is distracting and harder to focus on your words.
This is now my favourite video. :)
Thanks!
See update video here! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Wow
Great information!!
Glad this is helpful see updated LLC tax video here: Single Member LLC Taxes, Estimates, and How to Pay Yourself
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
See new video update! Single Member LLC Taxes, Estimates, and How to Pay Yourself
ua-cam.com/video/lLwZ6VAttpQ/v-deo.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!
Great vid
Thanks!
Thank you so much ❤
Thank you!
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Thank you chad.
Glad this helped!
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
How would I pay myself in a structure with a single-member holding LLC (S-Corp) that owns my operating LLC, of which I’m the only owner and employee? How can this be done without piercing the corporate veil and losing asset protection, while still seeing the tax benefits of an S-Corp? Which LLC would handle payroll and how would dividends be distributed? Thanks!
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Thank you so much.
Thank you
I have asked my book keeper/Acountant about this. Just want to get a solid answer, but never have. You sir finally explained it perfectly. Only question is what about self employment tax isnt that an extra 14%?
Yes, on your tax return that is tacked on top of your total income, but you get a deduction for half the Self Employment tax on your individual return.
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Thanks so much for this information. Question, when I add in my expenses for the year, will the taxes that I owe be less?
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!)
ua-cam.com/video/lLwZ6VAttpQ/v-deo.html
Excellent video! I have a quick question, do you pay yourself from the total revenue, or from the taxable profit?
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?
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.