Where has this channel been all of my life? Just started my LLC a week ago and learning.
@virgatronbooks3 жыл бұрын
Thank you for a professional way of how to pay yourself because these videos on KZfaq 🥴Chile don’t break down nothing. Thanks for the content
@LYFEAccounting3 жыл бұрын
I appreciate that
@holleelifestyles28443 жыл бұрын
I just love how clear and concise you are. The graphics make it fun and easy to follow for beginners. Thanks so much! 😄💫
@LYFEAccounting3 жыл бұрын
You are so welcome!
@chrisvillanueva88553 жыл бұрын
Man, you deserve a Pulitzer for being able to describe this stuff in very easy to understand terms. I've never seen it done so well even after speaking with many experts in this field. Great work.
@dmarkcooper3 жыл бұрын
"Any value at all?" I like and appreciate your humble nature.
@LYFEAccounting3 жыл бұрын
:)
@glendineevans14673 жыл бұрын
These videos provide lots of value. Thank you!
@LYFEAccounting3 жыл бұрын
@@glendineevans1467 :)
@Carleen023 жыл бұрын
I'm learning about stating my own business. This has helped me alot. Thank you, so much.
@AshtonSnapp3 жыл бұрын
The way I always thought about it: pay myself just enough to pay my bills and get groceries, plus a little bit so I can save up.
@LYFEAccounting3 жыл бұрын
Good, but make sure you watch our video on estimated tax penalties because if you don't make payments then you could lose between 3-5% of your income.
@JuiceRoberson-vn1deАй бұрын
My teacher justtttt told me this & I’m about to do EXACTLY this. Number give me such anxiety & a headache but I’ll rather do it now then later.
@louisnforna81013 жыл бұрын
Thanks for the video. I am about setting up a business and the issues touched will help me. What i have learned in summary: -budget for operating expenses and make provision for R&D. -make a balance between taxes and business continuity in terms of salary vs dividends
@LYFEAccounting3 жыл бұрын
You're already ahead of the game!
@corneliushenderson16792 жыл бұрын
This is great information! I did not even consider an emergency fund for my business. And preparing to pay someone a salary who will take over managing the business if I choose that route. Great food for thought!
@outdoorswithhamp46453 жыл бұрын
Thanks for your very informative videos. Just started a Auto paint and body business with my brother. Your videos helped tremendously with some decisions we had to make as far as our filing status. We set up as a LLC but I was sure when we had to choose a filing status. Now I can make that decision and not worry if I am making the right decision. Thanks again
@LYFEAccounting3 жыл бұрын
Thanks for sharing, I’m glad that this video helps you and wish you the very best in your business
@victorramirez73432 жыл бұрын
Great I commend you on the auto body shop that’s a very essential business wish you the best of luck in it and also felt the need to inform you of my ability as a financial consultant to help auto body shops obtain funding to the tune of a million dollars no credit check in as little as 48 hours if your interested feel free to reply
@ericburns3563Ай бұрын
This video is something to check out for sure before starting your business and also if you already started watch it because it could save a headache down the line. Thank you Lyfe accounting I’ll make sure to tell people about this one
@MultiDirtyone3 жыл бұрын
Great information. Easy to understand and apply. I was confused about how to pay myself by making a "draw" but you've helped me a lot. Thanks.
@LYFEAccounting3 жыл бұрын
You're very welcome!
@creatorbrain2 жыл бұрын
Man, the amount of value you put in these videos is amazing. Thank you!
@leomalinda2467 Жыл бұрын
So much value from this video brah. Much appreciated!!!
@iCoily2 жыл бұрын
I purposefully scrolled down to find a Black person speaking on this topic. Love it! Thank you for this. I will definitely be watching more of your content!
@LYFEAccounting2 жыл бұрын
We appreciate you!
@SmarterByNatureTV3 жыл бұрын
This is really helpful information! We are a new small business and navigating the tax world is quite daunting 0_o. Great content! Thank you for sharing!
@maryk91042 жыл бұрын
I am so happy that I found this channel. You and your team does such a decent job. It’s helpful for any regular taxpayer. Also, I am taking Individual income taxes class and all your videos helps me to understand the class better. Thanks a lot 🙏
@LYFEAccounting2 жыл бұрын
Thanks, Mary. We’re happy we found you! My individual tax class was soooo confusing lol. Hopefully our videos simplifies taxation for you.
@maryk91042 жыл бұрын
@@LYFEAccountingthank you again veryyyyyy much🙏🙏🙏🙏🙏🙏
@camwil19343 жыл бұрын
Learning so much from your videos. Just started, this is my second video, can't wait to get to the rest.
@LYFEAccounting3 жыл бұрын
Awesome! Thank you, you got this!
@alexgarcia18263 жыл бұрын
Love this video man! Short, Simple, and to the point!
@LYFEAccounting3 жыл бұрын
Appreciate it!
@lassiterleon7373 жыл бұрын
Very beautifully put my bro, first day at my new store, first business, and had no idea how to pay myself. Now, I feel like an expert
@LYFEAccounting3 жыл бұрын
Keep it up! So glad to hear that and get this feedback
@robbyyn2 ай бұрын
Thank you for this very helpful information! I was kind of thrown into a small biz and never understood how to pay myself. I def don’t have the 3 months expenses saved! That number seems so daunting! As simplistic as you put this video and how nice the points are, would you mind doing a very BASIC video about this for those who need a more vanilla explanation? Thank you!
@thestandberrys25193 жыл бұрын
Now this makes alot of sense!
@LYFEAccounting3 жыл бұрын
You're welcome!
@xaviersantaclara17835 ай бұрын
I didn't understand a darn thing. You are too smart for me, man. but I will definitely rewind this video over and over until I gets you. Thank you!
@CrispyBroccoli5 ай бұрын
😂 thought I was the only one
@youtubeonly15573 жыл бұрын
Great thorough content! Only thing I feel everyone forgets to put in these videos is actually HOW to pay yourself as a W2. Who do you go to, can you do it in your own etc etc.
@LYFEAccounting3 жыл бұрын
Great question. You can use a payroll provider such as Quickbooks payroll that will do this for you automatically.
@mauricetteterry86813 жыл бұрын
Thank you, this Video was so helpful! 🙏🏽
@LYFEAccounting3 жыл бұрын
Glad it helped, thank you!
@victorramirez73432 жыл бұрын
What kind of business do you run ?
@davidweeks81313 жыл бұрын
Sherman, great concise info. I’ve subscribed and looking forward to this content. Will definitely look at your website and check out your services based on how transparent this video was and anecdotal cases you’ve put in. I can’t tell you how many videos I’ve watched on this same topic but still was left with questions. Your gonna kill it man. Keep up the awesome work!
@LYFEAccounting3 жыл бұрын
Thanks so much for the thoughtful feedback David, means alot
@lcmlcm24603 жыл бұрын
First video of yours that I watched. Very informative and clear, helpful THANK YOU I subscribed
@LYFEAccounting3 жыл бұрын
Welcome aboard!
@byuannicaro17753 жыл бұрын
Great content and perfect execution!
@darriusvuitton28273 жыл бұрын
Nice work explaining in detailed information thank you for the summary! 🙃
@LYFEAccounting3 жыл бұрын
Our pleasure, Darrius!
@inalienablerights2 жыл бұрын
Your information is so invaluable. I let the commercials play all the way through including liking and subscribing.
@LYFEAccounting2 жыл бұрын
Wow, thank you!
@B.O.S.S.MR9543 жыл бұрын
love the videos appreciate the knowledge just started my 2nd business cant say how much your videos have helped salute
@LYFEAccounting3 жыл бұрын
I appreciate that!
@Waynaworld2 жыл бұрын
Great Video!! Thanks!
@dylancrocker6332 жыл бұрын
Very polished video. Clear and concise.
@dmarkcooper3 жыл бұрын
You rocked it in this video. Take Aways: 1. 3-months of Op Exps, 2. $ set aside for Stet Goals, 3. Then PAY yourself. DONE!!
@LYFEAccounting3 жыл бұрын
Thank you, Mark!
@shaywatts63382 жыл бұрын
This was so helpful & easy to understand!
@Harold_Blackwell3 жыл бұрын
This was gold! Gained a new subscriber.
@LYFEAccounting3 жыл бұрын
Thanks for subbing
@anju26063 жыл бұрын
I think what I was looking for is a percentage. If I gross 1 million/year and have 10% profit as a restaurant = 100k profit per year - what percentage of that can be paid to ownership. Keeping in mind an owner who owns multiple businesses and does not perform tasks therefore should not be paid for work produced. In short, as a passive investor (owner who builds a business and structures it to operate on its own) what can that owner expect to receive? Thank you. Great video.
@LYFEAccounting3 жыл бұрын
Are you asking hypothetically or is this an actual scenario? If actual, I would need to know more about your business to give you a proper answer. Like your business structure and entity type
@savinesequoia38052 жыл бұрын
I litterly watched another video that oddly sounded the same with the info, I see your video skills.. very smart..
@sluiceboyprospecting3 жыл бұрын
Awesome video bro! Helped a lot.
@LYFEAccounting3 жыл бұрын
Glad to hear it!
@Hood-Noah9 ай бұрын
If you find a path with no obstacles, it probably doesn't lead anywhere ... A journey of a thousand miles begins with a single step … GOOD LUCK
@deedeescarberry59812 жыл бұрын
Do you have any videos (or could you make one) where you walk through step by step the numbers and how a real life business owner would calculate from that? For example if they earned $1000 in a month, spent x amount of dollars in expenses that month … how to calculate from there how much to set aside for taxes, how to calculate how much to save for 3 months of expenses (that could be different in future months), and how much the owner would be paid? I think seeing real numbers would be so helpful to me! Your videos have already been more informative than any I’ve found for paying myself as a sole proprietor, I just would love to see a concrete example to better understand! Thank you!
@derrekord2 жыл бұрын
This was perfect. Thanks :)
@user-rg6ly3wy5y11 ай бұрын
This video was very timely. We have have a single-LLC and the owner has been paying himself as a w2 employee. None of the professionals we have worked with ever mentioned or explained things to us in these 3+ years as you have done in under 15min. Thank you
@andreacarter21082 жыл бұрын
Great Knowledge! Thank you again! 👍
@LYFEAccounting2 жыл бұрын
Thanks Andrea!
@darviswhitehead88702 жыл бұрын
Just getting my business started I’m coming to join your team Asap 😃💯💯🤘🏾
@debrahuynh45742 жыл бұрын
Thank you for the valuable info 🙏🙏🙏
@janicelau5212 жыл бұрын
Super helpful video, thank you!
@LYFEAccounting2 жыл бұрын
Glad it was helpful!
@michaelterrace86923 жыл бұрын
Great info! I would love to see a video for landlords who set up LLC’s. We just grew our business from 5 units to 20, and looking to go to 100. So, a lot of the income has been going back into the property, and the next year’s profits should be going into purchasing more units. I’m afraid of missing out on tax advantages that I’m not aware of.
@LYFEAccounting3 жыл бұрын
Noted, Michael. I'll add this to our list of topic ideas. =)
@lalapapa31123 жыл бұрын
Where are you located?
@troykjohnson032 жыл бұрын
Useful info definitely, thanks
@outsmartbigbrother3 жыл бұрын
Excellent video!
@467inc3 жыл бұрын
you made things very simple keep doing this
@LYFEAccounting3 жыл бұрын
Will do! Thanks for supporting the channel.
@munirahg94713 жыл бұрын
Excellent Video!
@LYFEAccounting3 жыл бұрын
Thanks Munirah!
@antoniofba6673 жыл бұрын
I have an LLC (truck owner) what would be the best way to pay myself?
@sharleen0063 жыл бұрын
wow great video bro
@LYFEAccounting3 жыл бұрын
Thank you, Sharleen!
@tiffanytyler71282 жыл бұрын
I just found this channel and I’m so glad I did. It confirms a lot of things I already thought. Can you do a video on how to handle child support as a sole prop, LLC or scorp? Thanks in advance.
@sneediewonderproductions3 жыл бұрын
Great info!
@HEADLESSPRODUCTIONZS2 жыл бұрын
Thank you for this video
@mathe31737 ай бұрын
Not all heroes wear capes.
@betterself6793 ай бұрын
Great Vid.
@cobracogwell_3 жыл бұрын
This was great information, thank you for taking the time and explaining it in detail. I have a holding company that owns a operating company. I'm not sure if I should pay myself through the operating or move the revenue up and pay through my holding.
@toussaintlouverture92603 жыл бұрын
Very dope information brother...will be in contact real soon!! Ty kindly
@LYFEAccounting2 жыл бұрын
Thanks for watching!
@orlandoevans86203 жыл бұрын
Great information thanks
@LYFEAccounting3 жыл бұрын
Glad it was helpful!
@patricialewis42393 жыл бұрын
Thank you very helpful I appreciate it
@LYFEAccounting3 жыл бұрын
Glad it helped, we appreciate your view. =)
@DARLEE_2 жыл бұрын
Great Video hoping to be a great accounting
@EverythingAJA3 жыл бұрын
New subscriber to both your channels! I love your editing. Thanks for this!
@enjolique3672 жыл бұрын
Great video
@DaiShuryoTechnusАй бұрын
If you haven't made past $500 overall after 2 years, when would it be fine to pay yourself??? Most of the funds went back into the business, which is great, but.....when should I be ok to pull?
@terrydoss63433 жыл бұрын
Another informative video I need all the help there is I’m not understanding everything said in your video but would to know more
@LYFEAccounting3 жыл бұрын
Thanks for watching, glad you enjoyed it
@keezytv78543 жыл бұрын
this is a good video
@LYFEAccounting3 жыл бұрын
Thanks for watching :)
@Mosdefinitelyable2 жыл бұрын
Thanks so much!!!!!
@susieblanco27223 жыл бұрын
Good info
@LYFEAccounting3 жыл бұрын
Glad it was helpful!
@mariamdoumbia3447Ай бұрын
Thank you
@arnoldtarbooz14202 жыл бұрын
Again - this was great and awesome. What if You have an LLC and have paid yourself via W-2 for the past 7 months? Does it matter? This scenario is a mix of S-corporation and LLC. Thanks in advance for the answer on this.
@Radiateprosperity2 жыл бұрын
Do you recommend having a payroll service issue your salary check and end-of-year W-2 form? Also, how does the w-2 read? I think it would like this: Company Name LLC Address City Zip and then my name in the respective boxes of the form just like any other w-2 if I was employed for another company but since I work for my own LLC then my name would not be part of the Company's name thus showing my name as the issuing w-2 form and the recipient since I am paying myself or how will it show? please comment and thank you!
@LYFEAccounting2 жыл бұрын
W-2s are for employees (or shareholder-employees of S-Corporations or C Corporations). If you are not this, then you don't need to use a payroll service at all because you're going to be taxed on your net income - not the amount you distribute to yourself. What kind of entity do you have?
@lauradecker42132 жыл бұрын
How do Print On Demand stores fit in here? Are we a business? Or a side hustle?
@brianjett14462 жыл бұрын
My goal is to create my own small online business in which I will be selling legal religious things. I know if I don't pay taxes and spading money soon or later the federal government will ask where am I getting this money from and why I haven't paid no taxes in this amount of time? Once they found out that I'm a business owner they say I own back taxes from the customers an also not paying the yearly taxes.
@hittingtheroad58482 жыл бұрын
What about, when you work for a company (W2) and on the side you have a LLC, how the taxes play out ? 🤔
@elainekent68213 жыл бұрын
Salary for Small Business Owners (How to Pay Yourself and Which Method)
@LYFEAccounting3 жыл бұрын
That's right!
@MrThedumbbunny2 жыл бұрын
This brings up questions for me. If a LLC has employees does their pay get taxed as profit or as salaries? Time to go read some more.
@LYFEAccounting2 жыл бұрын
Are you trying to determine payroll taxes?
@MrThedumbbunny2 жыл бұрын
@@LYFEAccounting i think i found my answers. You deduct the pay but pay the employer half of taxes for the payroll for an LLC which I dont think gets deducted. It did take some digging because most of the info is around owner taking money out and their payroll which has special rules. The tax implications and write offs for each type of business with regard to opersting expenses, disbursments and payroll might make good videos. (Deep dive into each option) I didnt check to see if you have these already though.
@user-vd4yk9oq6m5 ай бұрын
Hello sir What is good for to take money from own business whose kids are small either w-2 or salary based
@revel95512 жыл бұрын
Very nice and helpful video!Just to be be clear. When deciding to pay myself must it be after the whole year is done if I choose to get what's left of the money once all expenses are cleared?
@kanchiinternationalmart2 жыл бұрын
Thank you for everything you have done for us. I have 3 kids(dependents) and I’m small business owner. And I’m wondering which one is best for me(1099 form or w2 form) for tax file ? Thank you.
@WILLIAMALLENAYL-SUCCESS2 жыл бұрын
Your wisdom in these type of matters are extremely important! You have just helped me, with the entire operation of how you cover this issue! Please provide your contact information, so we can sign up with your organization for handling our financial & tax services!
@the_sneakerhead_chef2 жыл бұрын
Ho much do I pay myself as an owner that will not put me in a higher tax bracket, or does that even matter?
@modishmade2 жыл бұрын
You mentioned earlier how a sole proprietor should pay themselves but did not give the answer, would that be as a draw? I do freelance work and don’t have a regular income and my expenses are currently more than I bring in in general as I’m practically making the money I need to build my business up. So I’m constantly investing in my business rather than being able to pay myself yet. But I still have to pay taxes on that which sucks lol
@lechugaevencio67182 жыл бұрын
Thanks
@lechugaevencio67182 жыл бұрын
Great vídeo 😊
@lenzocanty41253 жыл бұрын
Great advice !!! Lenzo Canty CPA
@LYFEAccounting3 жыл бұрын
That means a lot coming from another CPA
@bagchaser3859 Жыл бұрын
What if you are a llc partnership and decide to be taxes as a s-corp entity...are you still liable to pay Medicare or SSI taxes?
@2.125Official2 жыл бұрын
thank you
@hernanibarsmombelli39243 жыл бұрын
Thank you.
@LYFEAccounting3 жыл бұрын
Welcome!
@atulsingh75393 жыл бұрын
Can you please recommend books to learn these money/finance concepts... what am I earning as a business owner...how much do I earn, getting salary from my business, how much I am earning from the ownership of my business,...etc. Thank you.
@LYFEAccounting3 жыл бұрын
Maybe we should write one? 😃
@JobThako Жыл бұрын
Hi, this is so helpful. When do you make withdrawals, as and when you need money or at a specific day of each month? And is it a bad practice to withdraw several times during the course of the month?
@jesangsharon81503 жыл бұрын
Thanks 😊
@LYFEAccounting3 жыл бұрын
No problem 😊
@raethecoach2 жыл бұрын
Great video and value. My question is about being a multi member managed LLC, selecting an S Corp tax filing. Do you still suggest the S Corp “salary”. Thank you
@aleanedwashington60402 жыл бұрын
I also have this question
@raethecoach2 жыл бұрын
@@aleanedwashington6040 Hi! I found a video that explained this. My understanding is doing both a salary and a draw. Here's the link: kzfaq.info/get/bejne/mLeoaLh_xtHHm2w.html kzfaq.info/get/bejne/nbZkotB6vLLFhKM.html If you have not bought their course, you should look into it. Good luck!
@reaganhernandez5861 Жыл бұрын
if the business is a s corp.. and the owner is going a w2, do we deduct med, unemployment ss and all the normal deduction
@debbieaccetta86642 жыл бұрын
Gracias por hacerme caso como soy pobre no les importa
@gloriakhayyam36733 жыл бұрын
Thank you for the information. I am an Independent Contractor that needs accounting services. I will reach out to your business.
@leejones41403 жыл бұрын
Could not find the video on business credit card
@theluxhelp3 жыл бұрын
Great content. How can a company get accounting help from your agency..
@LYFEAccounting3 жыл бұрын
Thanks! By contacting us at lyfeaccounting.com
@yvonneanderson98672 жыл бұрын
Thank you very much for this video. It was very helpful and answered some questions. Can we call your office for a free consultation?