Go offline with the Player FM app!
014 - Getting Paid: How To Pay Yourself (Part One)
Manage episode 238141439 series 2483171
Not sure how to pay yourself from your business? Or what to pay yourself? Or how much you should put to the side to pay income taxes?
There are a lot of percentages and formulas floating all around but is it right for you and your business? How can you be sure?
Deciding what you should pay yourself as a business owner can be a confusing matter to resolve but I’ve got you covered.
Note: This episode is especially for you if you're a solopreneur (DBA/doing business as; sole proprietor or a single-member LLC treated as a sole proprietor). There's a separate episode for business owners of corporations.
Mentioned in this episode:
- the question you should ask yourself BEFORE you start transferring money from your business
- the quick calculation you can use to figure how much to pay yourself
- The Pay Yourself Calculator (part of the Money Metrics Tracker Bundle)
Highlights of this episode:
- 00:38 Question: “How do I pay myself as a self-employed business owner?”
- 01:49 Why paying yourself depends on your legal & tax business structure
- 02:35 How to pay yourself if you are a sole proprietor, a DBA/doing business as or a single member LLC (treated as a sole proprietorship)
- 02:52 How to pay yourself if you’re anything else (multi-members LLC, partnership, S Corporation, C Corporation, etc), legal structures that are separate or treated as separate entities (continued in Episode 015)
- 04:05 More on how to pay yourself as a solopreneur (1040-Schedule C businesses)
- 05:07 What are the recommended distribution percentages
- 06:59 Why I recommend that you pay yourself from the very beginning
- 08:24 How often do you pay yourself
RESOURCES
Kill The Vanity Metrics Challenge
WORK WITH COMMON CENTS
Virtual Accounting, Bookkeeping & CFO Services
Thanks for listening. Don’t miss an episode - subscribe on: Anchor, iTunes, Spotify, Stitcher
Want to chat and hangout with me, Joyce? You can find me on Facebook, Instagram or Twitter…as @thecommoncents.
You can find all the links and additional show notes at: https://www.thecommoncents.com/podcast
34 episodes
Manage episode 238141439 series 2483171
Not sure how to pay yourself from your business? Or what to pay yourself? Or how much you should put to the side to pay income taxes?
There are a lot of percentages and formulas floating all around but is it right for you and your business? How can you be sure?
Deciding what you should pay yourself as a business owner can be a confusing matter to resolve but I’ve got you covered.
Note: This episode is especially for you if you're a solopreneur (DBA/doing business as; sole proprietor or a single-member LLC treated as a sole proprietor). There's a separate episode for business owners of corporations.
Mentioned in this episode:
- the question you should ask yourself BEFORE you start transferring money from your business
- the quick calculation you can use to figure how much to pay yourself
- The Pay Yourself Calculator (part of the Money Metrics Tracker Bundle)
Highlights of this episode:
- 00:38 Question: “How do I pay myself as a self-employed business owner?”
- 01:49 Why paying yourself depends on your legal & tax business structure
- 02:35 How to pay yourself if you are a sole proprietor, a DBA/doing business as or a single member LLC (treated as a sole proprietorship)
- 02:52 How to pay yourself if you’re anything else (multi-members LLC, partnership, S Corporation, C Corporation, etc), legal structures that are separate or treated as separate entities (continued in Episode 015)
- 04:05 More on how to pay yourself as a solopreneur (1040-Schedule C businesses)
- 05:07 What are the recommended distribution percentages
- 06:59 Why I recommend that you pay yourself from the very beginning
- 08:24 How often do you pay yourself
RESOURCES
Kill The Vanity Metrics Challenge
WORK WITH COMMON CENTS
Virtual Accounting, Bookkeeping & CFO Services
Thanks for listening. Don’t miss an episode - subscribe on: Anchor, iTunes, Spotify, Stitcher
Want to chat and hangout with me, Joyce? You can find me on Facebook, Instagram or Twitter…as @thecommoncents.
You can find all the links and additional show notes at: https://www.thecommoncents.com/podcast
34 episodes
All episodes
×Welcome to Player FM!
Player FM is scanning the web for high-quality podcasts for you to enjoy right now. It's the best podcast app and works on Android, iPhone, and the web. Signup to sync subscriptions across devices.