Watch This BEFORE You Pay Yourself From Your LLC

Watch This BEFORE You Pay Yourself From Your LLCnCPA EXPLAINSnDIFFERENT LLC CLASSIFICATIONSnSOLE PROPRIETORSHIPnPARTNERSHIPnS-CORPORATIONnC-CORPORATIONnHOW MANY PEOPLE OWN YOUR LLC?nSOLE PROPRIETORSHIPnPARTNERSHIPnHAVE YOU MADE A TAX ELECTION WITH THE IRS?n*IRS gives you 75 days to elect S-Corp or C-Corp status.nS-CORPORATIONnC-CORPORATIONnDO YOU HAVE PLANS TO RE-INVEST PROFITS BACK INTO YOUR LLC?nSUBJECT TO TAXES.nPERSONAL INCOMEnBUSINESS INCOMEnHOW YOUR DISTRIBUTIONS ARE TAXED.nLLCnOwner's DistributionsnDo Notnpay taxesnLLC ProfitsnPay Taxesnonce on business levelnYOUR BUSINESS CASH FLOW NEEDS.nCash is the LIFELINE of any business.nTHINGS TO CONSIDER #1nHOW YOUR DISTRIBUTIONS ARE TAXED.nLLCnOwner'snDistributionsnDo Notnpay taxesnLLC ProfitsnPay Taxesnonce on business levelnBUSINESSnPERSONALnWIRE TRANSFERnACH TRANSFERnBANK CHECKnCASH WITHDRAWALnMETHOD #1nTHE OWNER'S DRAWnOWNER'SnDISTRIBUTIONnSOLE PROPRIETORSHIPSnPARTNERSHIPSnS-CORPORATIONSnPAY YOURSELFnPAY YOURSELF A REASONABLE AMOUNT OF W-2 WAGESn$180,000nSelf-employment Incomen15.3%nSelf-employment Tax Raten$27,540nSelf-Employment Taxesn$60,000nW-2 Salaryn15.3%nSelf-employment Tax Raten$9,180nSelf-Employment Taxesn$18,360nTax SavingsnTHE TAX YOU PAY ON BUSINESS INCOMEnNet IncomenSelf-Employment TaxnFederal Income TaxnState Income TaxnDepending on the state you livenTHINGS TO CONSIDER #2nYOUR BUSINESS CASH FLOW NEEDS.nTHINGS TO CONSIDER #3nYOUR BUSINESS REINVESTMENT PLANS.nTHINGS TO CONSIDER #4nYOUR SELF-EMPLOYMENT TAXnC-CORPORATIONnYournBusinessnPay Taxesnonce on business levelnBusinessnOwnernPay Taxesnonce on business levelnTHE #1 TAX CPA SERVICEnmycpacoach.comnSUBSCRIBEnLIKE COMMENT SHAREnWATCH MORE!nmycpacoach.comnCOACH