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How Should I Pay Myself as a Business Owner?

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Get certified In EVERY strategy I teach! Learn how by booking a FREE 15 minute demo: markjkohler.as...
Maximize your business's financial potential by understanding the differences between draws, distributions, salaries, 1099s, and W2s. Join me, Mark J. Kohler, in this game-changing video and share the knowledge with fellow entrepreneurs!
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Опубликовано:

20 авг 2024

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Комментарии : 28

@quytr02981 3 года назад

Short clip like this is absolutely valuable! It covers what we need to know. Thank you 👍🏽

@mgier Год назад

Great answer but Mark said something that doesn't make sense. At 3:55 he said that "you are not going to give yourself a paycheck." Instead you're going to "do a payroll report" and in the payroll report you're going to "claim how much payroll" was decided on. Then Mark said "you're not going to get a W-2." I thought the S-Corp had to actually pay you a paycheck and send a W-2 at the end of the year. How do you "claim" the amount of payroll but not actually get a paycheck and W-2? That wasn't clear.

@wzgonzon Год назад

I didn’t follow that part either.

@expokings 3 года назад

Great video!! I have own an S-Corp for the last 8 years and I have done exactly what Mark is saying. I am on a monthly payroll and don't take any draws until the end of year $$$$$$ 75% of that goes to my retirement. Is a great tax saving when owning an S-Corp. Thank you Mark for what you do....... You are awesome. If you own a business have a living trust set up with Mark.

@karynwhitesuperwoman 3 года назад

Kholer knows his stuff! Thank you!

@Bannanagio 3 года назад

New nuggets even though watched this from your team many TIMES!!!

@matthines4748 2 года назад

I’ve been in the tax industry for eight years, but was rusty on the mechanics of SCorp draws. It was like a lightbulb went off when you mentioned the payroll report.

@brentstutzman 3 года назад

"What the FICA!?" 3:40 😂😂😂🤣

@tre2453 3 года назад

E Shawn dè Yes

@tre2453 3 года назад

@steven roge

@FatalMischief 3 года назад

This is great stuff!

@TheAO84 3 года назад

Thanks so much for breaking that down.

@nelsonhollins 3 года назад

Excellent and to the point! Exactly what I needed to know!! Thank you!!

@grantham20061 3 года назад

Fav video

@bolopez9642 6 месяцев назад

Probably a dumb question.. new to all this. Why wouldn't you just draw the entire $75k? Does an S-Corp require employees?

@mommybirkinlife1546 3 года назад

Ty so much Mark and team. Started watching your videos this week and life changing for sure. Love that we came from the same alma mater: UW 👨‍🎓 👩‍🎓. Would love to know more about taxes here in wa and how I can save with through my business hustle. Pls continue to make educational videos. I am a convert now. Ty to u!

@mommybirkinlife1546 3 года назад

Also, if my side hustle sole Prop llc only made less than 50k and less than 10k profit after expenses is it worth converting to an scorp? Thanks for your help

@ngaucha1 3 года назад

Got it!

@janechen8520 2 года назад

Mark, how you solve not accept new account problems

@asmoov 2 года назад

Need help setting up an scorp filings status as an LLC

@nicholasolivas317 2 года назад

What about reinvesting in my own business like updating my websites or upgrading equipment. Do I have to take it all out?

@davidmeece2798 3 года назад

What type of trust is recommended fir earned and passive income?

@QuintessentialStudio 3 года назад

What do you call the 45K? is it not taxed at all? How can you draw it? Just draw it and say nothing???

@ccirulli 3 года назад

My question also. Tax must be paid on K1 income depending on what box is filled out. Dont see how it can be interest or capital gains, that is common for a K1. If not that, then what?

@specstreaming6127 3 года назад

Its called a distribution. It will pass thru to you on a K-1 and is subject to your ordinary tax rate. However you avoid the 15.3% self employment taxes.

@QuintessentialStudio 3 года назад

@@specstreaming6127 Thanks!