CPA helping individuals and business owners implement tax-saving strategies and make profit-driven decisions with less overwhelm. Julie Merrill lives for automation, sharing time-saving tips and hacks, and leading business owners through their journey in gaining wealth and freedom while paying less taxes.
She has helped entrepreneurs start, grow and scale companies since 2000. Her firm provides tax advisory, tax preparation, business strategy, fractional CFO services, bookkeeping, payroll setup, company setup and dissolution and other related services.
Julie spent years in the start-up company space and played an integral part in helping multiple founders obtain VC financing, setup and grow their operations. She has also started and scaled multiple companies herself, from consulting to Shopify E-Commerce stores. She is a speaker, advisor, coach, and hosted The Paddleboarding CPA podcast.
Fun facts: Julie is a military spouse, mom, Certified SUP instructor and speaks Italian
I have a few questions, if you have a single owner S-corp . Is it possible you pay yourself with only distributions? Or do you HAVE to take a salary? Also i read many billionaires pay themselves with shares from the company itself. Can single owner s-corps do this?
If you take distributions, you are required to take a Reasonable Salary. As a single owner of the company, you already own 100% of the shares. S Corps only have one class of stock. So you can't reissue you the same ownership.
Where are you located? It is based on your business location. Even if you sell online, you have a home base. Each state has different rules. California passes it down to the county. So even if you sell all over, but live and work from San Diego, you get your business licensee from San Diego County.
I used directpay on 4/12/24; it was very easy and I received a confirm that the irs is processing the patment. I checked that my checking account was decremented also on 4/12/24. But when will the status say "processed"? The current status says "originated": what does that mean ?
If it's for 2023 taxes due, select Tax Return Payment. If you are making a payment on extension, select Extension payment, for estimated quarterly taxes for 2024,select Estimated tax payment 540-ES
If it's for 2023 taxes due, select Tax Return Payment. If you are making a payment on extension, select Extension payment, for estimated quarterly taxes for 2024, select Estimated tax payment 540-ES
The Tax Year for Verification should be the tax year for a return that you have filed in recent years. It is used for identity verification. Note: this tax year does not have to be the same as the Tax Year for Payment entered in the previous step. For example, if your Tax Year for Payment is 2016 or 2009, you can choose 2013 for your Tax Year for Verification. The current tax year does not become available until after filing season is over, so you should choose a prior year as your Tax Year for Verification. Make sure that you enter your name and address as they were on your tax return for the tax year you select.
Make sure you are paying under the business and not the personal section. It will vary by state. In California, they call it a Franchise Tax or Original Return
OMG!! I just found you. Thank you so so much. Finally someone who explains things clearly. I'm a beginning bookkeeper and the visuals you provide are just my learning style. You are great at teaching and explaining. More people need to know about you! New sub for sure.
This is just you typical basic business information/things you have to do for any business start up out there with a slight niche in paddle boarding….not exactly what I was looking for! And yes, if you build it, they will come. That’s exactly what marketing in business does for you.
@@juliemerrillcpa I selected the correct year, 2022 but just the payment type was selected wrong: "estimated tax payment" instead of the "tax return payment" Time 1:40 in your video. The year selection was correct as I owed that much for 2022, still, it will not be considered paid?
Hello. I am newly retired and my only taxable income for the next 10 years will be high yield savings and CD accounts interest, and sporadic Roth conversions. Am I assuming correctly that I have to pay taxes on the HYSA and CD interest each quarter? Will I be penalized if I make unequal estimated taxes to the IRS and/or to California?
hello trying to filer the california state board, and it does not allow me to close, is telling me that i am doing a wrong tax , do you have a video showing the filing for california state board?
This is rubbish though as this is the payout date not the transaction date. I still always need to go through each transaction and manually add up the fees for each fee. Why they can’t just provide a monthly report with transaction fees I’ve not a clue!!!
Sorry to say that they have moved this report, I only found it by accident, anyway log into your account and up the very top is a search bar, type in Payouts and there you are. No reports but at least there are listed.
