How to Pay Yourself as a Sole Proprietor

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Learn how to pay yourself as a sole proprietor.

If you are a sole proprietor, or in other words, you are doing business and have not formally incorporated into a LLC, Corporation, or partnership, then you are a Sole Proprietorship.

And guess what, today’s episode is all about you.

Today I am going to walk you through, step-by-step, how to pay yourself as a Sole Proprietor.

I am going to explain:
- Who is sole proprietor
- How sole proprietors pay taxes
- How much to pay yourself as a sole proprietor

And if you stick to the end, I will give you my framework for how sole proprietors should be paid.

Outline:

Intro: (0:00)
What is a Sole Proprietor?: (1:25)
Sole Proprietor Taxes Explained: (2:43)
How to Pay Yourself: (6:50)

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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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I've been in business for 4 years. NEVER has anyone been able to explain the "numbers" side of things to me in terms I can understand. THANK YOU!

PeachInTraining
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I started my business a year ago then did a sudden move to another state... I have come to the conclusion that I am in fact, a sole proprietor. I am thankful for this information.

ItsSunshyne
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By far, the easiest to understand, least scary, and inspirational explanation on sole proprietorship I have ever heard. Very well done. THANK YOU!!

jafquist
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He made the business tax situation so much easier to understand. Well said and laid out. Thanks

Twonne
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Good explanation, very helpful. I didn't want a "business" but I have a hobby/side hustle that nets me a couple grand a year and I'm told that I need to keep records and separate that from my regular checking, and all kinds of other complicated nonsense that makes me want to give up the hobby entirely, as it takes more time to do the book keeping than I actually spend on the hobby.

evanrandolph
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Excellent video with great information. My husband just dissolved his corporation on the road to retirement but is now set up as a sole proprietorship to continue earning some money for a couple of more years. Thank you for this aid on that path.

laurabeverage
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I'm so glad I found this channel. This is the clearest, simplest explanation I've found on this topic to date. You've won a new subscriber for sure.

KittyHelpDesk
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I’m a sole proprietor. I love this video. Very helpful. Thanks.

terrynguyen
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I just love your videos. They are interesting, informative and fun...and just the right length. I have learned so much from you folks and I discovered you at the perfect time as I am in the midst of creating a new business. You have made the subject of taxes and business entities clear to me in a way that no one ever has before. Thanks to you folks my understanding has led me to greater confidence in going forward because I feel that I know what I'm doing (to at least some extent), and that my friends is a good feeling. I wish you folks where in New Mexico. Thank you so much and the best success to all of you in your careers and business. Blessings to you all. Norm M.

norm
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You are so clear and concise. Thank you for explaining the steps without all this drag out, unnecessary explanations

kksend
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Trying to ramp up my Accounting/Tax knowledge for sole props, your videos are gold! Thanks

lucasdidier
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Just found this channel a few days ago and every single video I've watched so far has been full of AMAZING information!! Blessings to you guys for sharing such great content. 🙏🏼

islandstylecreations
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SOOOO clear! SOOOO helpful! Thank you, thank you!

lisaalamin
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So easy and clear to understand! Thank you!!!

jinjooc
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You’re right. There’s no other channel like this one and it is helpful

jacquelineoneill
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Thank you for this concise step by step video! :) Finally! Someone has given me actionable and practical steps that I can implement today!

picklemedillard
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You Explained what seems very difficult in such simple form for us to understand. You are Amazing and I Thank You Soo much for Sharing Your Expertise ❤️❤️❤️

Poeticfloyvonne
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I am New to All these New Titles such an "Entrepreneur" as well as a "Sole Proprietor". I've been using my Hobby turned Skills to make money for the past 2 years . Thank you for clarifying a lot of questions I had .

iExist
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Thank you very much for sharing and I appreciate it all. I'm a sole proprietor. Diamond Dust Complete Exterior Building Restoration and Maintenance

harleyehuffinejr
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Sir,
Thank you for breaking it down for the novice like myself🤓 Retired Military Vet.

geraldfirme