How To Pay Yourself Through An LLC (2024 Update)

Before you pay yourself from your business, Listen to this episode because you MIGHT BE SETTING YOURSELF UP TO PAY IN TAXES! Cashing out on your hard work, time invested, and proper stewardship should be the easiest thing to do BUT you have to do it RIGHT! Let’s talk about it on this episode of Tax Free Living!

[deborahhudson]

We want no jail time and I shared the information ❤

[coachcortneyrose]

Just wanted to drop by and say this video is GOLD for anyone running an LLC. 💰

There are a few key things to consider from this video:

First, while owner's draws are generally the way to go for LLCs, it's important to ensure they are reasonable compensation for the services provided. Excessive draws can trigger reclassification as an S corporation with different tax implications. Second, Carter mentioned turning some personal expenses into business deductions. This can be a gray area, so it's crucial to maintain clear documentation separating business and personal use. Finally, while reinvesting profits is commendable, remember there can be tax advantages to paying yourself a reasonable salary --but it's important to consult a tax professional for personalized advice on structuring your LLC finances.

Overall, this video hits some good points!!! good job 🙌🏽🙌🏽🙌🏽

[d.vancassoink]

Great info! Thanks for sharing!

Question tho, don’t you have to pay tax on what money you move to your personal from your business? So why not just use a payroll system to already do that, ahead of filing at end year?

[Thylacine]

"Melanin Money"... Hey If I made a channel called "White Wealth" would it be considered "racist"?
I don't know the rules anymore...