Awesome good luck to you!

Thank you. Definitely check into the S Corp and what advantages it can have for you regarding taxes. Made a huge difference for me last year, so I wanted to share with the community.

Thanks

This is very true. The wage/salary has to be a fair market wage for your position. I pay myself better than a crew supervisor, but not like a CEO. I pay myself as an operations manager. Great point. Thanks for watching.

There is no official written law on the books that requires you, me or any US citizen to pay "income taxes". Only sales taxes are you required to pay when you purchase a product or service. NO LAW EXISTS Othrrwise. Over 4 million americans (and counting) has discontinued to pay any "income taxes". Including Donald trump and Hillary Clinton. I guess some people actually know the law and other just don't care or are so afraid, they just Go Along to Get Along. Keep feeding the beast and it will always come back for more and more. Until you can no longer feed yourself and/or your family. Wake up and quit being a follower. americans are so DUMBDED-DOWN. Do your own research. Ask the so-called IRS "Income Reducing Service" to show you an official US law that is currently active and on the books. You will then be happy to pay on the same day proof is provided that the law actually exists. Then just wait. (play Jeopardy music here)

​@@hutchcoservicesHey ​ Ovadya TOJ .....Dont mislead people with your ignornace! Not sure WTF your reading regarding Americans paying Income tax or any other taxes. Try this on for size... " The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States" Like any other tax, payment isn't optional and can be enforced. Now thats pretty basic to understand that we do need to pay or we risk way more. NOW..... You can take just about any one of Congress's enumerated powers and argue that there's no requirement in the Constitution for an individual to comply with the enforcement of that provision, and you'd be absolutely correct., MAYBE. However, that particular argument is a red herring. The point of the income tax is not that you have no Constitutional requirement to pay it, but that Congress has the Constitutional authority to lay and collect it, and to enforce its authority to do so by appropriate legislation - which Congress most certainly has done, in excruciating detail. My advice is not to listen to Ovadya TOJ or any of his kind unless you wish to get screwed even worse in th end. Nobody likes paying taxes nor wants to. Its not a choice we have being Americans.

Thanks man.. The S Corp has saved a lot of money for me last year and figured I'd share with the community as I know most of us are LLC's.

It's most likely total revenue. And yes it probably is a little high on taxes, but it doesn't matter. Just means you have money left over after you pay taxes. You dont have to pay yourself as much when you're self employed because the company is paying for your truck, insurance, trailers, cell phone, shirts, pants, boots, and other things - so it's not coming out of your personal income. Those are all business expenses that are tax deductions.

Yes, I'll work on this in the near future.

Get an air horn.

Your costs of running your business factors into those numbers, but your not too far off generally speaking. I can tell you that it takes owning and operating a business to appreciate how stressful it is. Just because a lot of money is flowing into your bank account certainly doesn’t mean it all gets to stay there.

If you have the choice to start between an LLC and a sole proprietor, I would advise LLC to limit your personal liability.

This is what I'd like to know also

Yes, that's typically how it works. For example the business can pay for car payments, fuel, cell phones ect... You are just taking a smaller personal paycheck and letting the business take care of the rest for you if that makes sense

Awesome. Thanks so much.

John Cunningham ...... mark Koehler is a cpa and tax attorney on KZfaq. He has several videos that explain how to do what you are asking. Hope that helps.

Owner distributions

Using an LLC's business funds for personal expenses is very dangerous, as it could remove the protection the LLC provides for you. You would have to transfer it to your personal account first as some sort of income (which would then later be declared and taxes paid) before using it for personal expenses.

@@CopperCreekCuts can you do a profit share at the end of the fiscal year and pay the taxes and then move that money around into personal accounts.

I had thought about saying 3,333.333333, but figured it would get lost lol

I saw that too... Good for him

You'll probably be splitting the "personal" portion 50/50 if you're an llc or sole proprietor. If you're an S corp, you can adjust your salaries according to each of your responsibilities. -Jonathan C.

@@FloridaTurfPros So my son is helping me run the business I am starting and I wondered should I pay him as a subcontractor or the above 50/50 you just mentioned? What the best route to take. At some point he will be doing all the road work and I will be just running the business from office.

No, it doesn't really work like that. I pay myself an average market wage, and the business pays taxes on it's earnings separately. You can then take shareholder distributions from the business, as owner/investor earnings. Hope that makes sense.

@@FloridaTurfPros That's what I missed. Thanks for the great video! I know those are a job in themselves.