How To Pay Yourself As An LLC
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- Опубликовано: 25 авг 2024
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Hi! my name is Evan and I'm super stoked you want to learn more about me!
I show people how to build their businesses. I learn a skill, test it with my own companies and share it!
I got my start by selling CDs at 13 years old. I’ve worked as a fry cook, I’ve mowed lawns, built go-peds, managed restaurants, sold mortgages, worked in Hollywood, and sat at a desk. I’ve cold-called, done graphic design, pounded pavement, traded crypto, and worked on an ambulance.
I finally settled down and devoted my life to becoming a firefighter in my early 20’s. It took me 5 years of training, fire academies, and paramedic school to finally land that job.
I spent 8 years of my life answering 911 calls. Now I get to pursue my real passion, which is building businesses and educating.
My first successful company is called Scorch Marker.
I was building a commemorative plaque for the fire department in my woodshop and desperately wanted to burn our motto “together in, together out” into the wood. So I pulled out my wood-burning tool, plugged it into the wall, and screwed the whole thing up!
But my wife and I had found another way. We created a chemical solution that reacts with heat. We were inspired by RUclips creators! You apply the liquid to wood, apply heat, and the wood burns only where you drew! Pretty cool right? We invented the world’s first wood-burning marker - Scorch Marker.
Little did we know that this was the beginning of something big. We agreed to spend $500 of our savings to see if we could turn the idea into a product. 2 years later and we got into retail, became a bestseller on Amazon, created jobs, and made a lot of mistakes.
It’s the mistakes that are important. Those are the valuable, teachable moments that doers get to enjoy and learn from. They make you stronger.
Building, maintaining, scaling, running, or managing a business is not easy. But it can be done!
That's why I'm here. To teach what I've learned so you don't have to make the same mistakes that I did!
Can't wait to hear from you!
Evan
Vanader.com
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This channel is gold i found you on pin interest and had to subscribe’ thank you for your content im about to binge watch lol
Thank you for all your videos!!!
Great video. Thank you 😊
I absolutely love your content 💯
Thank you for watching!!!!!
I use credit debit and deposit slips to transfer the money. And under description, I always write "draw". Simple, trackable, documented.
Just a question what if my business starts making less then 40k again do I change back to a sole proprietor or still keep my S-corp status ??
Awesome thanks 🙏🏿
I know you mentioned keeping accounts separate. But, what about writing off business expenses you already purchased on your personal credit card before setting up a LLC/ Bank account?
Can i still write them off ?
Hey did u ever got an answer from anyone? I’m wondering the same thing
Those are 2 different questions. If it was before you set up an LLC you can't do anything about it because no business existed yet. If you already had an LLC but not a bank account then you can keep a copy of the purchase receipt, and reimburse yourself from the business.
What if I work from home ? Like I make custom rugs, so wouldn’t my rent or mortgage count as a business expense ?
You can only write off your living expenses if a dedicated area in your house is used solely for your business. So if you have a second bedroom you use ONLY an office that counts. But if you use your dining room to eat in AND work in it, then it doesn't count. Finally, you have to calculate how much your monthly rent/mortgage is, then divide it by the square feet of your living area. Once you know how much you pay a month per square foot, you can add up how many square feet your office is in your house. Whatever that number is, is what you can write off as a monthly business expense.
Hello sir I am going to form a LLC in USA please tell me do I need to have operating agreement
still trying to find a reputable insurance bond provider... its weird so many insurance websites tell and explain what a bond is, but apparently themselves do not offer it/ surety bond
James@hardrisks.com
I went through the procces of filing a LLC exactly like you showed online but havent received anything and its been a month status just shows recieved with no fees at this time
have you tried logging in to check? it can take a long time sometimes
Can you do a video on how influencers write off give away on their taxes
sure
Can you remake this video but with Mercury bank?
sure
How about cash app business account is this a real business account?🤔
It is not a real account. You still need a bank acct. but it’s better than nothing!
Hi is it best to open a business account with the same credit union as your personal bank account
Not a problem at all.
If I still have the online business but not selling any supplements or anything risky that goes into the body, should I canceled the LCC? Would I still be able to run the business? 😢
How often should a person make an owners draw? Also would you recommend any particular accounting software or receipt keeping app?
I do it 1-2 times a month. Or quarterly. I use quickbooks to do all my accounting
The question now is: what percent should I pay myself?
What if I use the same car for myself and my business? How do I split the gas??
You keep a record of how many miles you drove each year for only business. The IRS lets you write off $0.65 per mile as a tax deduction.
Great info, but what if you still have a regular 9-5 in addition to your small business? How does that factor into taxes?
You have your accountant fill out a 1099-K form. It records what your profits and debits were for the business. It then factors that in with your regular income to either increase or decrease your taxes.
Will the IRS tax you on total revenue or just profit?
Just the total profit
@@Vanader thanks!
Um….so how to I pay myself with my own business
If you have an LLC that isn't filed with the IRS as an S-Corp then you just draw from your business account into your personal account. If it is an S-Corp you pay yourself a wage as if you were an employee for your business, while taking out taxes on that paycheck.