Description

Not sure how to pay yourself from your business?  Or what to pay yourself?  Or how much you should put to the side to pay income taxes?

There are a lot of percentages and formulas floating all around but is it right for you and your business?  How can you be sure?

Deciding what you should pay yourself as a business owner can be a confusing matter to resolve but I’ve got you covered.

Note:  This episode is especially for you if you're a solopreneur (DBA/doing business as; sole proprietor or a single-member LLC treated as a sole proprietor). There's a separate episode for business owners of corporations.

Mentioned in this episode:

• the question you should ask yourself BEFORE you start transferring money from your business
  
• the quick calculation you can use to figure how much to pay yourself
  
• The Pay Yourself Calculator (part of the Money Metrics Tracker Bundle)
  

Highlights of this episode:

• 00:38  Question:  “How do I pay myself as a self-employed business owner?”
  
• 01:49  Why paying yourself depends on your legal & tax business structure
  
• 02:35  How to pay yourself if you are a sole proprietor, a DBA/doing business as or a single member LLC (treated as a sole proprietorship)
  
• 02:52  How to pay yourself if you’re anything else (multi-members LLC, partnership, S Corporation, C Corporation, etc), legal structures that are separate or treated as separate entities (continued in Episode 015)
  
• 04:05  More on how to pay yourself as a solopreneur (1040-Schedule C businesses)
  
• 05:07  What are the recommended distribution percentages
  
• 06:59  Why I recommend that you pay yourself from the very beginning
  
• 08:24  How often do you pay yourself
  

RESOURCES

Kill The Vanity Metrics Challenge

Money Matters Checklist

Resources List

WORK WITH COMMON CENTS

Virtual Accounting, Bookkeeping & CFO Services

Courses & Programs

Templates

Planners & Printables

Thanks for listening.  Don’t miss an episode - subscribe on:  Anchor, iTunes, Spotify, Stitcher

Want to chat and hangout with me, Joyce?  You can find me on Facebook, Instagram or Twitter…as @thecommoncents.

You can find all the links and additional show notes at:  https://www.thecommoncents.com/podcast