Paying Yourself the RIGHT Way | Four Tips to Withdraw Cash from Your LLC
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- Опубликовано: 29 июн 2024
- Are you worried that you might not be paying yourself correctly from your LLC? In this episode, I give you some tips on how to make sure you pay yourself the right way so you don't get yourself in legal hot water (or in trouble with the IRS).
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ABOUT JIM
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Jim Hart is a trademark lawyer, entrepreneur, RUclipsr and online business coach. Jim created the LOCK it Down® (legal) Protection System, which has helped hundreds of online entrepreneurs to get their legal house in order. In addition, Jim provides monthly coaching and training through his OB Foundations Membership Program.
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0:00 Introduction
1:17 Your LLC is no different than a Sole Proprietorship (from a tax standpoint)
3:09 Why you MUST open a separate business bank account
4:44 The methods I recommend to pay yourself
6:30 How (and how much) to set aside money for taxes
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James W. Hart
Hart Digital Media, LLC
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#jameshart #trademarklawyer #getprotected
Your guidance is valuable and appreciated. Yet I confess that I enjoy the comedy wrought by landscapers and contractors almost as much, regardless of the country you're in.
Jim, grateful as always for all the time you invest in helping us! Could you please do a video on the proper way to pay/receive funds back & forth between your LLCs in a holding-subsidiaries structure (each are multi-member LLCs)? How does a parent LLC properly give its subs funds? How does a disregarded sub properly funnel money up to it's parent LLC? How are these cash movements officially recorded for taxes and financial statements for both sides?
Love the background sounds
Awesome video
Thanks for the informative video. Sounds like I'm on the right track. I hope those workers finish quickly! 😳 Blessings!
Thanks Jim for the helpful information. Blessings and peace to you and your family.
New subscriber. Thanks for so much helpful info. Great video
That was funny. I enjoyed that show.
Hahahahaha 00:41 never take these out. 😂 authenticity>edit
Do I HAVE to have a separate “Owner’s pay” or “Owner’s distributions” bank account to pay myself out of? Since I have the paper trail via checks and carbon copies to prove those transactions in the account are Owner Withdrawals, can’t I just run everything out of my business checking account and not have a separate account? The only members in the LLC are myself and my wife, if that matters.
Thanks for all of your advice! You have been incredibly helpful in all of your videos.
Answered your question on my recent live stream!
Thanks, what about if it’s a single member foreign owned LLC? Where would you pay taxes?
There is a separate form you must complete and tax return to file in the US. You may also owe taxes in your home country.
@@jimhart
Thanks for writing back, I’m organizing a few things and as soon as I’m done I will contact you for some help 👍
Does an owner draw get taxed
Not in the same way that a salary is taxed, but yes.
Thank you for the information