How To Pay Yourself (And Taxes) in a Single Member LLC

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3 жыл бұрын

Do you own a Single Member LLC in the U.S.? Want to know how to pay taxes and pay yourself as an LLC owner?
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In this video, I cover the very important topics of:
* How do I pay myself as an LLC owner?
* How do LLC owners pay taxes?
* Which tax return form do I file for my LLC?
All this and more!

Пікірлер: 784

@Kaiden-Bentley 5 ай бұрын

Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.

@Oliver-Lucas 5 ай бұрын

@WilliamEthan00 Alice Marie Coraggio her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy...

@JohnathanRebel2 3 ай бұрын

⁠@WilliamEthan00you’re literally describing fear. It’s irrational to steer clear of the stock market due to fluctuation.

@too-da-loo 10 ай бұрын

It is amazing how you can watch so many videos and still be confused because other creators try and cover too much. I just wanted to know about single owner LLC. Nothing more.. and this video was the first one that make it clear and simple.

@PaPaWizdom 4 ай бұрын

Finally someone makes it easy and understandable for all us single LLC entrepreneurs. Hiw many videos i had to go through to get to one that finally lays it out clearly. Can't thank you enough, huge cheers.

@carlrav5660 Жыл бұрын

I was dreading how complicated this could be....but conceptually, you made this pretty understandable. Thank you.

@ChadPavelcpa Жыл бұрын

Glad to hear!

@nataliaquintana839 Жыл бұрын

Love this explanation! I can’t tell you how many videos I’ve watched & this is only 9 mins too. You kept my attention & taught me something valuable & extremely needed & helpful thank you 🙏🏼😎👍🏻

@MrDmacc1 5 ай бұрын

One of the best and simplified videos Ive seen on this topic. Thanks Chad. keep putting out good info.

@MiaMsMoo 2 жыл бұрын

This was amazing! Very easy to understand for beginners the way you broke it down… THANK YOU

@ChadPavelcpa 2 жыл бұрын

Thank you!

@jacksonzamorano 3 жыл бұрын

Brilliant video. I'm doing the "side hustle" setup, and your explanation and sketch of the forms made everything clear. Thanks so much!

@ChadPavelcpa 2 жыл бұрын

Jackson I am glad this helped! All the best to you!

@ChadPavelcpa 2 жыл бұрын

See update video here Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@Masterked 3 ай бұрын

Thank you for taking your time to explain in such a simple and easy way to understand.

@stevejohnson3061 2 жыл бұрын

Chad. Your excellent man. You made it very simple and saved me from unnecessary headaches. You are awesome. Good luck

@ChadPavelcpa 2 жыл бұрын

Thank you glad this is helpful

@jeffferry9297 4 ай бұрын

Thank you sir. Recent LLC business owner and trying to figure things out, this helped alot. Thank you!!

@kayflocycling2818 Ай бұрын

Awesome! Thanks for making this so simple. I was having a hard time getting that simple answer elsewhere

@mrs.rogersneighborhood Жыл бұрын

This is the BEST, most straightforward explanation that I needed! Thank you!

@ChadPavelcpa Жыл бұрын

Glad this helped.

@matjusz8985 2 жыл бұрын

Great video, thanks for help. I just started my own llc and freaked out about this topic but you explained it well

@ChadPavelcpa 2 жыл бұрын

Glad to help!

@AndyKnode 3 жыл бұрын

I have been looking all over for this information thank you for making it so clear.

@ChadPavelcpa 3 жыл бұрын

Glad it was helpful!

@kevinwilmore3604 2 жыл бұрын

@@ChadPavelcpa Ok so your gonna pay quarterly taxes on your LLC profits? And at the end of the year you file and do a pass thru-so schedule c to 1040? Does that sound about right?

@georgesinbox2 3 ай бұрын

very clear and to the point , you are the first video of many I have watched that gave it to us straight (Just the Fact) , Many thanks

@globalstreamsllc5099 2 жыл бұрын

THANKS, VERY CLEAR AND EASY TO FOLLOW

@a-1lawncare647 Жыл бұрын

You just cleared up so much for me, literally wrapping up 1st year and you answered so many questions I had thank you

@ChadPavelcpa Жыл бұрын

I am glad this helped - check out my 2022 video update on schedule C too. Thanks and good luck 👍

@michelebrucefry6008 Жыл бұрын

Thanks!

@steve4157 3 жыл бұрын

Thank you, Chad. Great information. Very helpful.

@ChadPavelcpa 3 жыл бұрын

Thanks glad to help!

@MsJeselle Жыл бұрын

Omg love love this! This was so clear! I actually understand this. Thank you so much 🥰

@ChadPavelcpa Жыл бұрын

Glad this helped

@aryanasmith4426 10 ай бұрын

This is a fantastic video. It's clear and easy to understand your explanations. Thank you for providing this information.

@tommyredline6432 Жыл бұрын

Thank you so much. This gave a great template to look at. I was more or less gifted my dream business very suddenly and I’m trying to figure it all out. Thank you again

@ChadPavelcpa Жыл бұрын

Glad it is helpful to you. Good luck with the new business!

@CarringtonKelleys 3 жыл бұрын

You've clearly made this video for lil ole me. Thank you!

@k.k8000 3 жыл бұрын

😍

@ChadPavelcpa 3 жыл бұрын

Great@

@luke5637 4 ай бұрын

Amazing video. Explained every question I had

@jufuffuujufuffuu409 2 жыл бұрын

This was very informational and answered a lot of questions I had.

@ChadPavelcpa 2 жыл бұрын

Great! Good luck build your legacy!

@F2l0ny 2 ай бұрын

Thank you for putting this video out!

@jorgebeltran6495 3 жыл бұрын

Thank you! This is the exact info I needed

@ChadPavelcpa 3 жыл бұрын

Thanks glad to help!

@Fidelisinspire 2 ай бұрын

Vey information video. Thank you so much for posting!

@MichaelHowes Жыл бұрын

This is an amazing video man, thank you. .Simplicity is king

@ChadPavelcpa Жыл бұрын

Glad this helped! More on the channel and updates coming soon.

@timothybracken1728 24 күн бұрын

oh my god this is the best explanation and most simplistic example that you could use. I really learned a lot and appreciate how easy you make it for us new business owners to understand !

@imacloud 2 жыл бұрын

Quite helpful and easy to follow. Love that you added the visuals. Cheers!

@ChadPavelcpa 2 жыл бұрын

Thank you!

@ChadPavelcpa 2 жыл бұрын

See 2022 update video: Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@robertfulton6969 Жыл бұрын

This was the most simplistic explanation I have seen on paying yourself from an LLC. Thanks!

@ChadPavelcpa Жыл бұрын

Glad it helped

@jasminemiller4636 5 ай бұрын

Thank you for making this so easy for me to understand. I have paid taxes for the entire 5 years I have been operating but NO ONE has explained this part. Thank you

@GunnersAlive Жыл бұрын

Excellent video. Very clear and understandable.

@annetteasbury7415 Жыл бұрын

Thank you so much for this! I made myself an "employee" with my single member LLC and was paying myself as an employee and having taxes taken out that way. Thank you for this explanation!❤❤❤

@ChadPavelcpa Жыл бұрын

Well - if you are taxed as a sole proprietor - not an S Corp - I’d ask your tax professional to assess this. Owners of single member llcs are not employees and cannot receive a w-2 paycheck!!!

@mingli4882 Жыл бұрын

@@ChadPavelcpaso can u write yourself checks if it is S corp as W2?

@Bizzy-Bumble1131 Жыл бұрын

You made this so simple! Thank you:)

@ChadPavelcpa Жыл бұрын

Glad it’s helpful.

@rizkarinaangrenani2566 Жыл бұрын

This information is gold! Thank you for sharing.

@ChadPavelcpa Жыл бұрын

Glad it was helpful!

@wealthymind9949 2 жыл бұрын

Finally , I can understand this , simple but very very informative.. did not exaggerate once or try to flex “big words”. Thank you bro .

@ChadPavelcpa 2 жыл бұрын

Glad this helped!

@wannaknow4184 10 ай бұрын

Very good, easy to understand video. Thank you!

@lisamccabe7274 Жыл бұрын

Thank you! Exactly what I needed to know.

@ChadPavelcpa Жыл бұрын

Glad it helped!

@AdelitaWilliam-dl7ci Ай бұрын

I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

@iamcourtneylynee 3 ай бұрын

So helpful. Thank you!

@rosyrayy Жыл бұрын

Thank you for making it so simple to understand.

@ChadPavelcpa Жыл бұрын

Glad it was helpful!

@valentinaescalante4716 3 жыл бұрын

Love the white board, it made everything so simple. Thank you!

@ChadPavelcpa 3 жыл бұрын

Glad you enjoyed

@ChadPavelcpa 2 жыл бұрын

See 2022 update! Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@Biv 8 ай бұрын

Great explanation, thank you!!

@jumanaalibhai1664 12 сағат бұрын

Well explained and easy to understand. Super helpful! Thank you!

@Skypost4ever 2 ай бұрын

This was most helpful, thank you.

@PuertoRicoRealEstateWandaMonge 2 жыл бұрын

Thank you for this video!🎥 easy to understand!

@ChadPavelcpa 2 жыл бұрын

Thanks an update video coming soon!

@ChadPavelcpa 2 жыл бұрын

See 2022 update here: Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@salvuserus1763 2 жыл бұрын

What awesome information. Thank you!!!

@ChadPavelcpa 2 жыл бұрын

Glad it helped!

@asadimtiaz9093 Ай бұрын

Great video, had to just watch once (at 1.25x) and I already have much better understanding on how to manage payments and taxes as a single member LLC. Thank you so much!

@michaelspencer4152 8 ай бұрын

Thank you, I have been saying for a while now that someone needs to explain this like I was 5 years old. I think I understand now.

@kyleb4327 2 жыл бұрын

You are the man! Thanks so much for the great explanation.

@ChadPavelcpa 2 жыл бұрын

Thank you glad it helped

@ChadPavelcpa 2 жыл бұрын

See 2022 update video: Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@VibeSeekers 2 жыл бұрын

Thank you for making it so easy. You helped me a Lot!🙏🏽

@girlygirllocssoul 2 жыл бұрын

Great information! 👍🏾

@ChadPavelcpa 2 жыл бұрын

See 2022 update Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@mberrynunez 2 жыл бұрын

Hello, I am a Corporate Accountant with 30+ years of experience, and now I'm launching my own online business. Your straight-forward approach is greatly appreciated!

@ChadPavelcpa 2 жыл бұрын

Congratulations on launching your business!

@farraah Жыл бұрын

Thank you this was extremely helpful

@ChadPavelcpa Жыл бұрын

Glad it is helpful!

@erikaboylan309 3 ай бұрын

Suggestion: I like the information, however, get rid of the background music, it is distracting and harder to focus on your words.

@adonaiblackwood7172 3 жыл бұрын

So great! Thanks!

@ChadPavelcpa 3 жыл бұрын

Thanks glad to help!

@karlsimonian1424 18 күн бұрын

Great content and way to stay on topic. Very good! Also, your penmanship is somehow worse than mine, didn't think that was possible! 😉

@manojkumar-xu2kp 3 жыл бұрын

Awesome great information! Thank you so much and also make a video for foreigner owned single member llc tax planning 😊

@ChadPavelcpa 3 жыл бұрын

Thank you, this topic is on my list!

@GreenboyQueso Жыл бұрын

Yes! THANK YOU FOR THIS!!!!

@ChadPavelcpa Жыл бұрын

You're so welcome!

@righteouslyrighteous1473 2 жыл бұрын

Thank you so much for putting this out and not taxing people for the info. God bless you keep going there are only roughly 650,000 CPAs in the country. Your a rare breed and in high demand.

@ChadPavelcpa 2 жыл бұрын

Thank you Get more help here: pinewoodtax.com/

@ChadPavelcpa 2 жыл бұрын

2022 tax update for you!! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@DannyMJR 2 жыл бұрын

Thank you Chad, your vid is awsome !

@ChadPavelcpa 2 жыл бұрын

Glad you liked it! pinewoodtax.com to get more advanced help.

@hamzaiftikhar514 2 жыл бұрын

Well explained

@user-rq2vt3ci5n Жыл бұрын

This video was very helpful

@joannreyes6398 Жыл бұрын

Thank you for the explanation

@ChadPavelcpa Жыл бұрын

Thanks!

@razorback241 3 жыл бұрын

thanks Chad! good video!

@ChadPavelcpa 3 жыл бұрын

Thank you!

@ChadPavelcpa 2 жыл бұрын

Here is a 2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@elviseinstein5944 2 жыл бұрын

Finally a video I understand THANK YOU

@ChadPavelcpa 2 жыл бұрын

Thank you! Look for an update video coming soon

@ChadPavelcpa 2 жыл бұрын

See update video Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@sn455 2 жыл бұрын

Excellent!

@the4flightsloft 2 жыл бұрын

Very helpful! Thank you 🙏🏽

@ChadPavelcpa 2 жыл бұрын

Glad it was helpful! pinewoodtax.com to get more advanced help.

@ChadPavelcpa 2 жыл бұрын

2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@husseinnaser5105 3 жыл бұрын

Great video sir

@ChadPavelcpa 3 жыл бұрын

Thanks!

@Barbercart1988 2 жыл бұрын

Thank you for the great information!

@ChadPavelcpa 2 жыл бұрын

Glad it was helpful!

@ChadPavelcpa 2 жыл бұрын

Here is a 2022 update! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@summersculpt Жыл бұрын

Great vide, thank you!

@ChadPavelcpa Жыл бұрын

Glad it helped!

@munchkinm6929 Жыл бұрын

Thank you just beginning to form. I want to have all my operations in order.

@ChadPavelcpa Жыл бұрын

Good luck to you.

@ghwautosales 2 жыл бұрын

This was very helpful. Thank you.

@ChadPavelcpa 2 жыл бұрын

Glad! pinewoodtax.com to get more advanced help.

@ChadPavelcpa 2 жыл бұрын

Tax update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@aidagueye3616 Жыл бұрын

Very helpful!

@ChadPavelcpa Жыл бұрын

Glad this helps!

@800MyCredit Жыл бұрын

Super relieving to watch.

@ChadPavelcpa Жыл бұрын

Glad it helped.

@talk2mocha887 6 ай бұрын

Thank you!

@ruthiebabe5007 2 жыл бұрын

So helpful new sub, thank you!

@ChadPavelcpa 2 жыл бұрын

Thanks for the sub!

@ChadPavelcpa 2 жыл бұрын

See 2022 update: Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@KaylaH10 Жыл бұрын

Thank you so much ❤

@uhohotdog3483 2 жыл бұрын

Thanks Man 🙂

@ChadPavelcpa 2 жыл бұрын

No problem 👍 Work with me: pinewoodtax.com/

@ChadPavelcpa 2 жыл бұрын

Here is a 2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@RB-cx3ce Жыл бұрын

Thank you chad.

@ChadPavelcpa Жыл бұрын

Glad this helped!

@ruelyyy 3 ай бұрын

Awesome explanation!! (the music was very distracting for me.... had to try really hard to tune it out) But really, Thanks for the education!

@boostmyemail Жыл бұрын

Helpful overview thank you! Do you have a walkthrough for figuring out the estimated tax payments throughout the year?

@ChadPavelcpa Жыл бұрын

Yes this should help: Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@YuckFou0x0FFFF 3 жыл бұрын

Literally asked everybody I knew in business how this process works and never got this clear of an answer. Thank you so much ✌

@ChadPavelcpa 3 жыл бұрын

Glad this helped!

@ismamendoza6087 2 жыл бұрын

That's true talk unhelpful

@ChadPavelcpa 2 жыл бұрын

2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@omkarsran7433 2 жыл бұрын

perfect so simply explained

@ChadPavelcpa 2 жыл бұрын

Glad it was helpful!

@ChadPavelcpa 2 жыл бұрын

Here is a 2022 update! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@ephraimrodriguez8544 2 жыл бұрын

Wow Great information!!

@ChadPavelcpa 2 жыл бұрын

Glad this is helpful see updated LLC tax video here: Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@ChadPavelcpa 2 жыл бұрын

See new video update! Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@Legionless 3 жыл бұрын

This is extremely helpful for KZfaqrs, Streamers, and other creatives that make a steady income and open an LLC for the liability protection. Would love to hear you talk more about how to do quarterly estimations, actually pay taxes, and how to reduce tax payments.

@ChadPavelcpa 3 жыл бұрын

Thank you! We have more content coming that addresses these items, coming soon!

@TheCrossOverMedia 3 жыл бұрын

Great question!

@protondanman6454 2 жыл бұрын

You need to do some more research my brother…

@tranvanphuong8428 Жыл бұрын

Phuong tran

@beunmin6 2 жыл бұрын

This is now my favourite video. :)

@ChadPavelcpa 2 жыл бұрын

Thanks!

@ChadPavelcpa 2 жыл бұрын

See update video here! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@Moneyonmymind209 3 жыл бұрын

Well explained! Best video on KZfaq so far!

@ChadPavelcpa 3 жыл бұрын

Thanks glad to help!

@ChadPavelcpa 2 жыл бұрын

Here is a 2022 update for you! Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@blakesharette26 6 ай бұрын

So let’s say of the $100,000 you made in profits, you pay yourself $20,000 through owner draws. You don’t have to pay additional taxes on the $20,000?

@Nikki-bk1wf 2 жыл бұрын

Thank You, Thank You for this video!! I still barely know what I am doing. I am going to watch the next video now. I am not great with numbers at all. My husband and I just started an LLC and my job is the “books”. He’s not getting paid until I figure this out 😂😂. He might be homeless soon lol!! Thanks again!

@ChadPavelcpa 2 жыл бұрын

Hope the videos help!

@willmann30 2 жыл бұрын

😂🤣😂🤣

@ChadPavelcpa 2 жыл бұрын

See 2022 update: Single Member LLC Taxes, Estimates, and How to Pay Yourself kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@centrafrique9252 2 жыл бұрын

Thank you so much.

@ChadPavelcpa 2 жыл бұрын

Thank you

@madelineclark 2 жыл бұрын

Great vid

@ChadPavelcpa 2 жыл бұрын

Thanks!

@cookda_kidd5187 2 жыл бұрын

Thanks another this video us helpful

@ChadPavelcpa 2 жыл бұрын

Glad to help pinewoodtax.com to get more advanced help.

@ChadPavelcpa 2 жыл бұрын

Update video for you!!Single Member LLC Taxes, Estimates, and How to Pay Yourself (2022 Update!) kzfaq.info/get/bejne/orKnjZmHptrYoIU.html

@PierceJordan 2 жыл бұрын

Chad, you did a great job with this video and your explanation helped a lot. The one question I still have... so when you make an owner's draw, there are no additional taxes such as self employment or social security that you have to pay, correct? You would still have to pay those even if you just left the money in the company as retained earnings, right?

@ChadPavelcpa 2 жыл бұрын

Hello Pierce yes this is correct. You are taxed on the profits of the business regardless.

@anacuesta733 2 жыл бұрын

My accountant explained that with an LLC you will have to pay FICA (Social Security Medicare) and Ordinary Tax, therefore if your total business profit is 100k then you are paying FICA and Ordinary tax on that total amount, which can be pretty hefty, however, if you are an LLC and elect to be taxed as an S Corp then the portion that you pay yourself will be responsible for FICA state and federal just like when you work for any other company that issues a W2 and your business will only be responsible for paying Ordinary Tax. So example: My business made a profit of 200k after all expenses, I paid myself and my partner 40k each so a total of 80k in wages, that leaves my actual profit at 120k. Since I already paid FICA taxes on 80k through my payroll then my business will not be responsible for paying that and therefore all my business would pay is Ordinary Tax on the 120k instead of on the original $200k. The cool thing is that any draws that we make out of the business account throughout the year wont be taxed again so for example: I receive my paycheck (from my 40k salary) but I want to draw an extra $1000 from my business profits every month as a "bonus", that amount will not have to be taxed like my salary gets taxed. I dont know if its different for a single member LLC, but my example is on a 2 member LLC.

@patrickhannum6859 4 ай бұрын

Thank you.

@AnnalisaJ Жыл бұрын

Thank you for explaining this in a simple and understandable way. Are there thresholds on the minimum income of an LLC to file taxes? and also one more question, what if you break even the first year between expenses and income? do you still file taxes? (super new at navigating all of this)

@ChadPavelcpa Жыл бұрын

You should always file a Schedule C if your single member LLC has any revenue or expenses at all. You may not have any tax due if the expenses are higher than the revenues (a loss), but you still need to file.

@AnnalisaJ Жыл бұрын

@@ChadPavelcpa thank you 🙏🏻

@oscarmarquina513 5 ай бұрын

Thank you

@Joven.videos 2 жыл бұрын

How do you take check is it monthly or randomly Does it make a difference

@ChadPavelcpa 2 жыл бұрын

Pay yourself / transfer / draw, all same thing. Pay yourself every day, week, month, doesn't really matter. Just remember your pay (draw, transfer, etc.) is not an expense. Do not include it on the profit and loss.