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How to Pay Yourself as a Single Member LLC - Sherman the CPA
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- Опубликовано: 27 дек 2021
- [Step-by-Step] How how to pay yourself through your single member LLC by Sherman the CPA.
Become a Tax Client: mycpacoach.com/tax-planning-s...
Taxes for Single-Member LLCs work differently from Multi-Member LLCs, which is why this topic deserves its own video.
So if you are the sole owner of your business, meaning you have no partners at all, then this video was made for you.
Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos!
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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Watch next: WHEN to Switch from an LLC to an S-CORP: ruclips.net/video/nNW2jvGhcSQ/видео.html
Thank you. Very insightful!
Thank you so much 🙏 I love how easy to follow along and understand you made this video!! Thanks again 😃
Thank you very much for this video.
It was a clear explanation, great video Sherman.
Great job. You all speak very well and use relatable words and examples.
This is soooo good!!! I’m binging right now !!!! 💯💯💯
thank you so much for this content!
Excellent video. Hands down the best one I've seen yet after watching a seemingly endless amount of them back to back
You are so amazing!! This is such a complicated subject and you made it look so simple!! Thank you so much for all you do! I recommend your videos to everybody!
Great Video Keep Them Coming!
You already know.
Thank you this was very informative.
Excellent teaching. Thank you.
Thank you, Allison.
I definitely need this.
Awesome info!!!!
Your videos are very useful for new business owners
Great reminder and accurate information
Glad to hear, thanks Jackie.
Thanks Sherman… I am a S.M. LLC and soon will need more advice from your company… Damn This was WELL EXPLAINED…!
Thanks, Darrell. We're not going anywhere!
Excellent information. Thank you!
Peace, Blessings, Love & Light,
✨💚✨💜✨
Thank you, Dana!
Invaluable information
Glad it helps, Mary! Thanks for commenting.
Thank you
Thank you for the information, I appreciate you.
You're welcome. Hope it helps
@@shermanstandberry it really did. Are you taking new client?
@@shermanehylton4518 glad to hear, what do you need help with?
Good work, keep up the work?
Absolutely.
Good info
One of the most common questions I tend to see
Thank you for explaining so many different things so well. Is there by chance a video that may go into greater detail on the estimated taxes you mention to put money aside for when trying to figure out if you can pay yourself. There was also a mention of quarterly taxes? I am on the bubble of being able to pay myself but am not too sure about if I write myself a check do I deduct from that check what would be for estimated taxes? Or is there another strategy for that?
Thanks
Hey Sherman, phenomenal video and thank you for putting this video content on there. I'm curious about the S Corp, does this mean that I made a mistake opening my business as an LLC? That for tax purposes I should have opened an S Corp instead? And if so, I see other folks also mention that there's ways to operate as an LLC but have a "S-Corp" hold this company so you can stay with the flat 21% tax rate
Hey! That is so helpful man and thanks a lot. One question is to know whether or not a new LLC registered in December 2021 will still have to file for the 2021 tax as well as the types of filing that would be required.
Simply explained. I love this.
Thank you, Romonda!
@@shermanstandberry I tried calling because I need your services. Can you reach back out to me please.
@@romondaword4881 What do you need help with? We stopped accepting clients earlier in 2021 but will may have some slots becoming available soon.
@@shermanstandberry I am a small business of a FAST growing cleaning company. I have filed to be taxed as an Scorp because of the income. I am a single member llc. I need a CPA to do my taxes and I need a strategist/planner etc. I would need a bookkeeper but I just had my books balanced and reconcile through October with the completion of Nov and Dec in Jan 2022. I really would like to be a part of your team. You are easy to understand and the way you break it down is phenonmenal. I don't want to do taxes but I do want to understand them in order for my business to be in compliance and to go....PLEASE HELP!
You can reach out to me on Facebook and DM for a more private conversation.
Can you do one for multi member LLC? Esp for one member who lives in a different state.
I need more info on if
1. Estimated quarterly taxes should be paid on the 1065 or thr personal 1040.
2. Do I pay estimated taxes to the state where the LLC is or where I reside?
3. It's hard to figure if you make money the first year. Which makes it hard to estimate what you pay
THANKS. I HAVE THE S CORP DESIGNATION FOR MY TRUCKING CO. I want to add Members to my Business to Scale.
You're welcome and smart move. Good luck!
Do you have a video for a multi member LLC self payment? Me and my wife are the 2 members
Everyone always talks about the $100K startup. What about the really really super low amounts?
I am just starting up a business and have not made a profit but I have received some type of tax form from the IRS but have not opened it. I don't know what I should do when it comes to filing my taxes because I'm just starting out
Yes I've started my LLC but haven't made any money just yet. I've been filling my personal tasks but i did not know I needed to add the extra form with it. Will i be penteliesed when i start doing this?
Question can i use llc ein on w9 as a smllc or do i got to use ssn?
Hi. I have 3 LLC's and I've had them for a couple years. I haven't made much profit on any of them. I also don't receive W2s. What would be the best route to take for filing taxes? Thank you.
I have one question: if you choose to file as an "S" tax structure as a single member LLC do you still file as personal taxes or are you now required to file as a Corporation ?
Hi I have a question if I buy a car under my LLC and my LLC get sue and I lose the case can they take my car?
Ok, I just start the single LLC, did not make much. I also work full time on a regular job. Do I have to count my regular job income plus the business profit to pay the self employment tax or only pay the self employment tax on the business income?
Thanks for asking this. I had the same question. I’ll keep trying to research and find an answer if no one else responds. Good question.
I need to speak with you about my trucking business. How can I get a hold of you?
If a single member llc business receives a sum of money from a relative as kind of a good luck sum of money, is that considered business income or a gift? Would that money be subject to taxation?
What should I file as a first year business that's operating at a loss for year 1? Clearly I bought equipment and things to get set up and it's exceeded my income by a couple thousand. Should I just file along with my family together? I was sort of confused by your video.
You'll file based on your entity type, not by your income or loss.
I have SM LLC in Connecticut and new york as foreign. after filling 1040 C, where to send form by mail? and can i do efile if i do not have social security?
How do I file as a multi (2) LLC?
I'm trying to get into a tax class so I can do my own and other ppl also
I'll be releasing my own group coaching program soon. Let's stay connected.
I got lots of questions 😂😂 a sister having issues
When you're first starting your business whether it be a SP or LLC, and you're funding all your startup costs with already taxed money from your "real job", how do you go about basically paying that money back to yourself without it being taxed again? Would this be were you are able to deduct say $5000 in startup costs comes from?
Wondering the same.
what if u are a non-resident
How much should i pay myself? I am a small handyman business and I'm not working fulltime.
Part time or full time, it doesn’t matter - You can still follow the steps I mentioned… did you watch until the end?
If you a LLC do you need a cpa to tax
Great video Sherman. How can I get a consultation?
Thanks. What do you need help with?
@@shermanstandberry book keeping.
@@shermanstandberry Do you help with filing for LLC and tax preparation?
What’s estimated taxes ??? So I just guess a random number that I think I owe them
How to pay each member of LLC?
Hmm, just send them money out of the bank account?
What about the money that I have used to fund the company?
If you used it to pay for business expenses, it's deductible from your taxable income. If its just sitting their in your bank account, then its not.
@@shermanstandberry Thank you for responding! Do I consider this money that I funded the company (LLC Single-member) as a loan? And for that, should my company pay me back before start paying myself a salary? Do I need to put this on the operating agreement? Thank you and Congrats for producing great videos!
What if my business hasn't made any money yet?
This is basically my question. I am just starting and haven't made any profit but I have purchased items for the business. I have also received some type of tax form from the IRS but I have not opened it yet. I have no idea what to do with filing taxes for my business as of yet
How do you pay your self as an s Corp my business is set to make around 150k in profit ?
If you are an s-corp, you pay yourself through payroll as an employee.
Is this a good practice?
Hmm, why not?
@@shermanstandberry Nothing really, I'm just asking if it's good for a long term business
@@DaveTalksBusiness Oh yeah, I'd definitely say so.
@@shermanstandberry Thanks!
Single llc seems not worth it.