Getting Paid: How To Pay Yourself (Part One) – EP 014

The 2 Cents Business Podcast

The 2 Cents Business Podcast with Joyce M. Washington, CPA:

Money isn’t the easiest topic to talk about, especially when there’s misinformation and a bunch of jargon to contend with.

That’s why I created the 2 Cents Business Podcast to bust money myths and cover business money topics like budgeting, business planning, business growth, cloud bookkeeping, team building and profitability without all of the bookkeeping and accounting jargon.

Join me every Monday to dive into the money & metrics matters for business owners & entrepreneurs.

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 separateepisode 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 onFacebook,Instagram orTwitter…as @thecommoncents.

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

014 – Getting Paid: How To Pay Yourself (Part One)

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.

Mentioned in today’s 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)

Have money questions? Want me to give you my 2 cents on an upcoming episode? Send your question to [email protected].

If you’re hanging out on social media, you can find me on Facebook, Instagram or Twitter…as @thecommoncents.

Getting Paid: How To Pay Yourself (Part One) – EP 014

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