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Salary for Small Business Owners -- How do I Pay Myself?
 
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http://indybiztvshows.com Tina Moe CPA and owner of A.C.T. Services answers the question asked by many small business owners: How do I pay myself?
Views: 12426 BizTV Shows
How much to pay yourself as the business owner
 
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For more on how much to pay yourself as the business owner, visit Emily's site http://www.emilychasesmith.com For my business apps, books and coaching: http://www.glowingstart.com In this tutorial, Emily explains how much you should pay yourself as the business owner when you start your own business. Emily suggests that an entrepreneur who starts a business should not pay themselves too much because any money that they pay themselves, they take right out of their business. Here is my book on starting a business. http://www.amazon.com/Business-Start-up-Ideas-Comprehensive-entrepreneurs/dp/1495261840 Also check out my business apps that can help you start your business. http://www.problemio.com Emily makes great points about how much to pay yourself as a business owner. My favorite point, and one I still think about, is that as the business owner, when you pay yourself out of the revenue and profits of the business, you are essentially taking money out of the business, which can't be too good for the business. Book on going from business ideas to starting a business: https://www.youtube.com/watch?v=XtmJEeZmiig What is a business model: https://www.youtube.com/watch?v=dsUz6lfXCkE Video of step by step process on how to start a business: https://www.youtube.com/watch?v=goGyLtvKNeA What is a business plan https://www.youtube.com/watch?v=T63QsuNIwZA Course on how to start a business: https://www.youtube.com/watch?v=kgyLxrhgdAk Fundraising course on how to raise money: https://www.youtube.com/watch?v=EwT3oXlCRdA Fundraising strategies book: https://www.youtube.com/watch?v=wczuIohbG7k Hiring tips and strategies: https://www.youtube.com/watch?v=LEPLs1dOBZg Entrepreneurship playlist: https://www.youtube.com/watch?v=c1fcvHu26XQ&list=PLAgq5S6WQmzFQsL2NvOU2wVGnz92xhPEA How to protect business ideas with NDA https://www.youtube.com/watch?v=3LQtO7q8xug Top reasons why businesses fail: https://www.youtube.com/watch?v=yXZ9IT-bUw4 How to start a business with no money https://www.youtube.com/watch?v=8gTZknxNoZg What is ab testing and how to do ab testing: https://www.youtube.com/watch?v=BTjGBwRBI10 How to work from home efficiently and be productive: https://www.youtube.com/watch?v=S0OIf6R-sak Different types of business risk: https://www.youtube.com/watch?v=NlQgo1KYEqw Should you use a web hosting company for a website: https://www.youtube.com/watch?v=Ba69JkQLqwY How to open your own franchise business: https://www.youtube.com/watch?v=A_cnPMNJLRs How to pitch your business: https://www.youtube.com/watch?v=m8F6kVEUqIE How to stay motivated as the entrepreneur starting a business: https://www.youtube.com/watch?v=OURdhu3AVNI How to find business partners and co founders: https://www.youtube.com/watch?v=SJ0diYwM3Wk Starting a business with no experience: https://www.youtube.com/watch?v=PWbQtguyywk Entrepreneur health: https://www.youtube.com/watch?v=60OVfcYw1uw How to manage your time as an entrepreneur: https://www.youtube.com/watch?v=M96v03kCMkI What is a business mission statement and why it is needed https://www.youtube.com/watch?v=0c8_8YV47ug How to get out of poverty by starting a business: https://www.youtube.com/watch?v=20eX43HsaIo What is a real estate appraiser and how to become one: https://www.youtube.com/watch?v=lMvY3umALt4 How to become a commercial real estate agent: https://www.youtube.com/watch?v=L7x0PwUrz3M Funny business skit: https://www.youtube.com/watch?v=wHqz3lIdoxs
Small Business Owner Salary – Also Get Answers To These 3 Questions
 
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http://ew.becomewealthystartingtoday.com - Small Business Owner Salary You probably want to know what’s a typical small business owners salary before you make the decision to start your own business. If yes, based on my own business experience I would say a good figure is a minimum of $200,000 per year. In addition to researching the average income, before you take the leap you should also consider a few other things. Will you be able to follow your passion in your business? Will you be able to work when you want? Will you be able to work where you want to work? My current business allows me all those benefits as well as the potential for a significantly higher income. Although the amount of a small business owners salary is important it is not everything. If you are interested in learning more about what I do click the above link. https://www.youtube.com/watch?v=fiYpLlDKce8 Below are some other interesting articles about Small Business Owner Salary 5 Tips for Setting Your Salary as Business Owner | The U.S. Small ... https://www.sba.gov/.../5-tips-setting-your-salary-busin... Small Business Administration Mar 19, 2012 - As a business owner, setting your own salary can be a tricky task, especially in markets that see highs and lows. Here are a few tips to help you ... Small Business Owner / Operator Salary - PayScale https://www.sba.gov/blogs/5-tips-setting-your-salary-business-owner More often than not, a Construction Project Manager role is the next step for Small Business Owners and Operators moving up in the field. Construction Project Managers usually make $70K per year. Many other Small Business Owners and Operators choose to take on an Office Manager role, where salaries are typically $38K. business - Paying Yourself: From Startup and Beyond - Entrepreneur https://www.entrepreneur.com/article/80024 Entrepreneur business - Paying Yourself: From Startup and Beyond - Entrepreneur.com. ... Now, but overhead minus owner salary grows by 12 percent to $202,675, or about ... If you're the owner of a small, privately owned C-corporation, the IRS will look ...
Views: 731 Chris Thompson
How to Pay Yourself When You're Self Employed
 
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One of the biggest challenges of being an entrepreneur or freelancer is how much to pay yourself. It's easy to shortchange your own paycheque in the interest of keeping money in the business -- or to overpay yourself and end up with a huge tax bill at the end of the year! In this video I share my resources, tools, tips and tricks to paying yourself when self-employed to keep both your business and your personal bank account happy. Mentioned in this video... "Profit First" by Mike Michalowicz http://amzn.to/2tnez47 Being Boss Podcast https://beingboss.club/ Freshbooks Cloud Accounting https://www.freshbooks.com/ Wagepoint https://wagepoint.com/ Website: http://www.moneyaftergraduation.com Facebook: facebook.com/MoneyAfterGraduation Twitter: @moneyaftergrad Instagram: @moneyaftergrad Money After Graduation Inc. #600 630-8 Ave SW Calgary, Alberta T2P 1G6
Views: 5744 Bridget Casey
How Do Business Owners Get Paid - Here's The Best Way
 
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http://becomewealthystartingtoday.com - How Do Business Owners Get Paid You probably ended up on this page because you’re trying to find out how do business owners get paid. If so, in a nutshell, the answer is after everyone else gets paid. In my businesses, I generally set aside three times my monthly expense as backup funds then pay myself from the balance. However, the answer to the question, “How do business owners get paid?” will be different depending on who’s answering. On another note, if you’re interested in venturing into another area of business with better benefits I have a suggestion for you. I now do what I love, work when I want and where I want while earning more than ever before. To learn more about this opportunity click the link. https://www.youtube.com/watch?v=CI1fGwZ_V1s Here are some addittional articles about How Do Business Owners Get Paid Salary or Draw? How to Pay Yourself as An Owner | QuickBooks http://quickbooks.intuit.com/r/payroll/salary-or-draw-how-to-pay-yourself-as-business-owner/ QuickBooks Sole proprietors and members of partnerships are free to pay themselves — or otherwise take the profits out of their businesses — whenever they'd like. Payroll withholdings do not apply, but each individual essentially pays the equivalent on his or her reported income at tax time. business - Paying Yourself: From Startup and Beyond - Entrepreneur https://www.entrepreneur.com/article/80024 Entrepreneur business - Paying Yourself: From Startup and Beyond - Entrepreneur.com. ... your salary is one of the most important decisions you'll make as a business owner. ... So how do you know what is enough to get by and what you are worth? How Do Business Owners Get Paid? Meet The Owner's Draw ... https://justworks.com/blog/understanding-owners-draws May 16, 2016 - In many businesses workers are paid wages or a salary, and that compensation is subject to income tax withholding and employer taxes. But sole proprietors, partners in a partnership, and the members of a limited liability company are never paid wages because they are considered to be self-employed.
Views: 7098 Chris Thompson
How To Pay Yourself as a Business Owner
 
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How to pay yourself as a business owner: watch the video for advice on paying yourself as a small business owner from Nashville CPA Evan Hutcheson (http://www.evanhcpa.com). In the video, I go over certain issues regarding payroll for startup companies in Tennessee. One of the first, and most important, things you need to make sure you understand and do correctly is how to pay yourself as a business owner, and paying your employees if you have any employees. First you need identify the type have entity that you are, whether it’s an LLC or a corporation. If you're an LLC and you have no employees, then you do not actually need to set up payroll for yourself. You can simply transferring money from your business account to your personal account to pay yourself as the business owner. It's always a good idea to set up some sort of budget to establish control over the withdrawals that you make. If you're a corporation on the other hand, with or without employees, you still need to set up payroll. Shareholders of corporations pay themselves through payroll instead of taking withdrawals like an LLC owner. As I go over in the video,there are many ways to pay yourself as a business owner when doing payroll. You can hire a payroll company to issue your payroll, try to do it yourself or have a CPA do it. It is possible to do it yourself if it's not very complex. In that case you can just use a spreadsheet. I go through an example in the video showing you what categories you need for a spreadsheet: gross pay; net pay; payroll tax liabilities; employer and employer social security; and employer Medicare tax, both of which are tax deductible by the way. I go into these categories in depth. So watch the video to learn about how to pay yourself as a business owner. Please share this video about paying yourself as a business owner: http://www.youtube.com/watch?v=2QAmJFD4V8k Subscribe to my Channel: http://www.youtube.com/user/EvanHutchesonCPA Follow Me: http://www.facebook.com/EvanHutchesonCpa http://twitter.com/Nashville_CPA http://plus.google.com/+Evanhcpa/about http://www.linkedin.com/pub/evan-hutcheson/30/909/746 You might like this video too: http://www.youtube.com/watch?v=THzREyqpjbE How To Pay Yourself as a Business Owner Startup Business Tennessee
How Much Do Small Business Owners Make – Money Is Not Everything
 
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http://ew.becomewealthystartingtoday.com - How Much do Small Business Owners Make I’ve been asked time and time again how much do small business owners make. Based on my thirty years of business experience I think a good minimum number should be $200,000 per year or at least an opportunity to be earning that within three to five years. Beyond that you should consider a few other important issues. Find a business you’re passionate about, ensure that it will allow you to work when you want and where you want. I’m lucky to have a business that gives me all those benefits while allowing me to earn a significant income. I can work from anywhere in the world whenever I want. If you are curious as to what I do and learn how much do small business owners make using it click the link. https://www.youtube.com/watch?v=Hx7UA5V0aA4 Other url links discussing how much do small business owners make How Much Money do Small Business Owners Make? http://smallbiztrends.com/2010/11/how-much-money-do-small-business-owners-make.html Nov 15, 2010 - Many people are curious about what the average small business owner earns. The IRS Statistics of Income provides some data on the average ... 6 Dumb Money Moves Most Entrepreneurs Make | Inc.com http://www.inc.com/minda-zetlin/6-dumb-money-moves-most-small-business-owners-make.html Jan 19, 2015 - So most small business owners, especially mom and pop shops and ... Incorporating isn't as tough as many people think--it's usually a simple ... didn't tell the insurance company that you have a business there, that won't do it. Small Business Annual Sales - How much money do they make? http://www.businessknowhow.com/money/earn.htm According to the US Census Revised 2008 Nonemployer Statistics Table, the average annual sales for the nation's 21 million nonemployers is only $43,645. For the 3.7 million small businesses with 1 to 4 employees, the Census Bureau figures show average annual sales in 2007 were $387,200.
Views: 1392 Chris Thompson
Pay Less Taxes: Tax Tips for Side Hustlers and Small Business Owners
 
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http://www.sidehustlenation.com/pay-less-taxes-your-tax-questions-answered/ Josh Bauerle is the CPA on fire at cpaonfire.com. Josh specializes in tax preparation, tax planning, bookkeeping, and general consulting services to take the accounting side of your business to the next level. Just 30 minutes with Josh about a month ago saved me thousands of dollars, so you owe it to yourself to listen to this episode and see if you can put some money back in your pocket too. In this episode, Josh goes into detail about the tax implications with each type of business entity you can form, as well as how you can potentially save thousands of dollars by registering as an S-Corp. Josh also covers which expenses are deductible to your business, how to include health insurance as a tax-deductible, and how you can reduce your tax bill by investing more into retirement accounts. He also spends some time explaining the often confusing issue of how much sales tax FBA sellers should be paying and under which state tax laws, as well as recommending a service to automate the process. Tune in as Josh answers several questions from the Side Hustle Nation community and shares some of his best tax saving tips and advice. This isn’t another one of those dry conversations around tax, it’s packed with actionable tips and advice to help you put more money back into your pocket. Grammar police: I understand it should either be “pay less tax” or “pay fewer taxes” … but sometimes search popularity trumps grammar :) For the full notes, links, and to download the free PDF highlight reel from this episode, please visit: http://www.sidehustlenation.com/pay-less-taxes-your-tax-questions-answered/ -Video Upload powered by https://www.TunesToTube.com
Views: 18188 Nick Loper
JOB VS OWNING A BUSINESS - Why you should have your own company instead of job?
 
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Check out my latest Video: https://www.youtube.com/watch?v=VCrrLdxEXtA JOB VS OWNING A BUSINESS - Why you should have your own company instead of job? there are some good reasons for that Job 1. limited time - 9 to 5 job 2. Executives 3. Vacations 4. Pay to Pay Check 5. No time for family 6. No Time for Activities Business 1. Unlimited Time - No Time Limit 2. No Boss 3. Vacations - 4. Infinite Wealth - Expand your Wealth 5. Time for family and Activities 6. Expand your business So you decide!!! Whether you wanna do business or a job Description job vs business in 2017. check out my courses on udemy if you want to become a web developer Today we are going to talk about the following topics: #job vs freelancing it can be hard sometimes if you are working a 9 to 5 job. i will show you the ways of making money faster #job vs career if you are working, and don't like your job? You want to make extra money every month??? come and look at my video for more info #job vs Entrepreneurship wana be an enterprenuer? in this video we are going to talk about Entrepreneurship in details #job vs work nobody wants to work on 9 to 5 job as i discussed before. come and join my channel for more informative videos
Views: 20994 Beginner Tuts
30 Small Business Ideas with Low Investment & High PROFIT
 
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Introducing top 30 small business Ideas with low Investment & High Profit. Earn Part Time - How to Get Rich with Blogging - https://www.youtube.com/watch?v=Df2VUmGN6AM These 30 small business ideas specially dedicated to all indian business owners and small business entrepreneurs. If you are thinking to start your own business in 2017 or 2018 then, you can start with these 30 small business ideas. These business ideas are set as low investment and High profit. If you found any questions or issues for starting any business then, feel free to ask your questions in comment box. Thanks for watching 30 small business ideas with low investment and high profit.
Views: 1087468 Young Entrepreneurs Forum
7 Record Keeping Tips for Small Business Owners
 
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As a child care provider, I have to keep track of tons of paperwork and records. The most daunting task is always entering expenses and filing paperwork before it piles up into a giant mountain. Many people put it off until the start of the new year and then have to spend a ton of time getting everything in order, only to most likely lose out on deductions due to too much time passing leaving people forgetful of what they purchased. In this video, I share seven tips to make this year a much better year for keeping track of your tax documents so when next year rolls around, you can relax while others are scrambling! ------------------------------ HOUSE TOURS: https://www.youtube.com/playlist?list=PLNbrmIjuytLF9ckfuVyHu891s4Ct4oqr0 CHECK OUT OUR DAILY VLOGS (2016): https://www.youtube.com/playlist?list=PLNbrmIjuytLFhma9ZcL4Vu9Cv3OexxDLv CHECK OUT OUR MOST LOVED/USED ITEMS: http://astore.amazon.com/houmadofmar02-20 Finance Followers: If you want to check out Capital One 360 that we've mentioned in many videos (and LOVE), sign up for a checking or savings account using the following link, and you will earn $25: https://r.capitalone360.com/9Mhw5NEerz We SO appreciate all of our subscribers! You all are amazing human beings who make our lives so much better! Thank you for taking time out of your day to watch our silly little videos and for leaving such sweet, genuine comments. You make our days brighter! *Links may contain affiliate links to products we use and love. We never share or link to anything we don't love ourselves, but we appreciate if you click and help support our aim to spread the marital love from our little home on the internet. :) Music by Epidemic Sound (http://www.epidemicsound.com)
Views: 61987 Work Life Glue
How Do I Pay Myself in a Single-Member LLC? - All Up In Yo' Business
 
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Learn more about 180 Law Co. LLC by visiting http://180lawco.com. One question that I get asked quite often, because it’s a really good question, is how the owner of a single-member LLC is supposed to pay him/herself. There are two possible answers to this question, depending on how the LLC is taxed. Unless the LLC elects otherwise, a single-member LLC is considered a “disregarded entity” and all of the income to the LLC is treated as income to the business owner, and is all subject to self-employment tax. So basically, the owner of a single-member LLC can pay himself however and whenever he wants, keeping in mind a few important considerations: 1. Make sure you are prepared to pay taxes. Since the LLC is a disregarded entity, if the business earns $100k but you only “pay” yourself $50k, you are still going to be responsible for paying all of the taxes, including self-employment taxes, on the full $100k. (For simplicity’s sake, I am pretending there are no deductions or anything.) So you need to set aside enough money to make sure you can cover your taxes. 2. The business has to remain adequately capitalized. This means that you need to keep enough money in the business to cover all your overhead, debts, bills, salary for employees, etc. You should also leave some extra “padding” for possibly building up your business, purchasing equipment, and whatever else you may decide to do with your business. In the books, any payments to yourself should be recorded as “Member Distribution” or “Member Withdrawal.” If the LLC elects to be taxed as an S Corporation, on the other hand, you have to be paid a “reasonable” salary. Self-employment taxes will only be paid on that salary rather than on the full amount of profit the business earns. Any money that the business owner takes above that reasonable salary is considered a dividend and won’t be subject to self-employment taxes. To learn more about S Corporations, watch my earlier video What the Heck is an S Corporation at http://youtu.be/i5to7Da3wMw?list=UUNh7tqEn68tf0oOfq4NsFsg If your LLC is not taxed as an S Corp, you don’t need to put yourself on payroll, since those member distributions aren’t treated as normal payroll. If your LLC is taxed as an S Corp, then the salary you earn can be part of your payroll, and any additional dividends will be separate from that. Whether or not you elect to have your LLC taxed as an S Corp and how to handle and record the money that you pay yourself is an important conversation that should be had with your accountant, bookkeeper, & attorney. Doing it the “right” way can help minimize your tax liability and can make your life (and that of your accountant) much easier come tax time. Contact Aiden and learn more at www.180lawco.com. [email protected] | 720-379-3425 Thumbs up & subscribe if you want more AUIYB! Follow Me! IG: @allupinyobusiness Twitter: @_AllUpInYoBiz www.facebook.com/180lawco www.google.com/+aidenkramerlawAUIYB www.pinterest.com/AUIYB The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele Street, Suite 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. ©180 Law Co. LLC. All rights reserved.
Views: 325613 180 Law Co. LLC
How Do I Budget A Small Business? Plus Self Employed Taxes 101
 
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"If you're self-employed, you pay the combined employee and employer amount, which is a 12.4 percent Social Security tax on up to $127,200 of your net earnings and a 2.9 percent Medicare tax on your entire net earnings." -SSA.Gov https://www.ssa.gov/pubs/EN-05-10022.pdf Quarterly Business Tax Payments "The rule is that you must pay your taxes as you go. If at filing time, you have not paid enough income taxes through withholding or quarterly estimated payments, you may have to pay a penalty for underpayment." - TurboTax https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Estimated-Taxes--How-to-Determine-What-to-Pay-and-When/INF12007.html Tools: Budgeting, Debt Snowball, Investing, Creditors http://gatewaypeople.com/ministries/stewardship/resources Website - http://gatewaypeople.com/ministries/stewardship Facebook - https://www.facebook.com/gatewaystewardship/ Instagram - https://www.instagram.com/gatewaystewardship/ Twitter - https://twitter.com/gwstewardship
Views: 24744 Gateway Stewardship
How To Keep Track of Your SALES & EXPENSES! // Small Business Owners
 
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Learn how to keep track of your sales and expenses! *Download the Bottomline App Here: http://goo.gl/pjKQyc Visit: https://www.bottomlinehq.com/ _____________________________________________________________ I hope you all enjoyed and found this video helpful! Bottomline is perfect for any small business owners (e.g. Boutique Owners, Photographers, Wedding Planners, Consultants, etc.). As a traveling Boutique Owner, Bottomline has helped me stay organized and keep track of my sales, customers, and expenses! I love the fact you can keep track of all of your different sale outlets! This is great if you sell on Amazon, Ebay, Etsy, Poshmark, Vinted, Tradesy, Pop-Up Shops, Festivals, Website, etc. ================================================== Let's Be Friends! Website: http://www.MonikaRoseSF.com Instagram: @monikarosesf Snapchat: itsmonikarose Twitter: itsmonikarose FaceBook: Monika Rose San Francisco Pinterest: @monikarosesf Poshmark: @itsmonikarose Vinted: @itsmonikarose _______________________________________________________________ Coupon Codes: -My Boutique: 20% OFF your entire purchase. Code: YouTube20 http://www.MonikaRoseSF.com -Poshmark: $5 Credit when you join. Code: HJYKH -*JustFab: Deal on my favorite shoe website. http://goo.gl/nC3NJB -Rocksbox: 1st month FREE. Use Code: monikarosesxoxo http://www.rocksbox.com ====================================================== Business Email: [email protected] New PO Box coming soon! ---------------------------------------------------------------------------------------------------------. FTC: This video was sponsored by Bottomline. I am so excited to be able to work with a company I have truly enjoyed, and have the opportunity to share it with you all! :) *Some links are affiliate links.
Views: 21848 MonikaRoseSF
Help small business owners, earn a great income
 
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https://goo.gl/Uf82dy Follow the link to learn more and get started today! Training provided, no cost. https://goo.gl/Uf82dy
Views: 73 Pete Greenway
Should I Pay Myself Salary or Dividends from my Corporation?
 
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Should I pay myself salary or dividends from my corporation? This is a very common question that I encounter in my accounting practice in Mississauga & Oakville, and the answer can make a big difference in your bottom line. http://madanca.com/blog/should-i-pay-myself-salary-or-dividends-from-my-corporation-as-a-business-owner/ Follow us on Twitter - https://twitter.com/Madan_CA Like us on Facebook - https://www.facebook.com/MadanCharteredAccountant Add us on Google Plus - https://plus.google.com/u/1/108551869453511666601/posts Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) Table of contents 00:46 -- Salary (Advantages) 02:04 -- Salary (Disadvantages) 02:48 -- Dividends (Advantages and Disadvantages) 04:27 - Breakdown About the Author -- Allan Madan -- Accountant Mississauga Allan Madan is a Chartered Accountant and a Tax Expert in the Toronto, Mississauga and Oakville regions of Ontario, Canada. If you found this article useful, Allan Madan encourages you to visit his website http://madanca.com for additional tax tips and more information on this topic. Also, get access to Allan Madan's Free Report, "20 Tax Secrets on How to Beat the Tax Man," http://www.siteproweb.com/20-free-tax-secrets-from-allan-madan Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
Views: 56801 Allan Madan
How do small business owners show the right income for home loans?
 
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On the Real Estate Rat Pack Radio show, caller Tish asked how she (as a small business owner) would show income that qualified her for a home loan when she puts her money back into her business and doesn't take a check.
Views: 142 RealEstateRatPack
How to Pay Yourself in a Single Member LLC
 
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In today's video, I share with you the proper method to pay yourself if you own a Single Member LLC. Single Member LLC's are one of the most powerful and flexible legal entities that most online entrepreneurs use to protect not only their business, but also their personal assets. However, if you don't set up the LLC properly, it won't provide you any protection at all. Today we talk about how to pay yourself if you have set up a Single Member LLC. This will be especially helpful for you solopreneurs out there who are building businesses on the side. To schedule a phone conference: http://clarity.fm/jameshart I've written a more in depth blog post on this issue at my website: http://www.hawthornlaw.net/how-to-pay-yourself-in-a-single-member-llc/ I have also prepared a business building legal checklist that you can download at the following link: https://www.hawthornlaw.net/cheatsheet For more information, you can check me out at: http://www.hawthornlaw.net Or find me on Social at: Twitter: http://www.twitter.com/hawthornlg Snapchat: @jimhart518 Facebook: http://www.facebook.com/hawthornlaw Or join our free online community at: http://www.hawthornlaw.net/facebook
Views: 202249 Hawthorn Law
Should a Small Business Owner 'Pay Yourself First' like the Richest Man in Babylon for Retirement?
 
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Let's make the financial world very simple and understandable. Should a Small Business Owner 'Pay Yourself First' like the Richest Man in Babylon? Well, your retirement may depend upon it and its compound interest. As a business owner, you're often working hard to cover all the expenses of your business. Whatever those expenses are, don't forget to pay yourself first no matter what! - Advice from Justin Goodbread, CFP® Thank you for watching…Subscribe to our channel….Like………Comment.... Let me know your thoughts! For more information on this topic, visit https://financiallysimple.com/pay-yourself-first/ To learn more, visit my blog site, www.financiallysimple.com
Income sprinkling changes worry small-business owners
 
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Liberals' tax changes to tighten rules around income sprinkling. Welcome to The National, the flagship nightly newscast of CBC News »»» Subscribe to The National to watch more videos here: https://www.youtube.com/user/CBCTheNational?sub_confirmation=1 Voice Your Opinion & Connect With Us Online: The National Updates on Facebook: https://www.facebook.com/thenational The National Updates on Twitter: https://twitter.com/CBCTheNational »»» »»» »»» »»» »»» The National is CBC Television's flagship news program. Airing six days a week, the show delivers news, feature documentaries and analysis from some of Canada's leading journalists.
Small Business Tips Video #16 - When Should a Small Business Owner Start Paying Themselves
 
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http://greatbusinesscontent.com Small business owners must learn to pay themselves. When is the best time to start that? The first month they are in business! Created by Great Business Content, this small business video shows how important it is for the owner to start paying themselves right away. It doesn't need to be much, just enough to establish the pattern. When Should a Small Business Owner Start Paying Themselves? Starting your own small business often starts with a dream of replacing your current income and possibly earning more while doing what you love. As many successful business owners will tell you, it's not going to be the dream you imagined and when it comes to paying yourself a salary, it may feel more like a nightmare. It's not uncommon for the owner of a startup venture to not be able to afford to pay themselves for years. David Frick of Success Ventures in Louisville Kentucky helps businesses set up a strong structure that is sustainable and scalable. He says there are five categories of people that absolutely must get paid; owners, managers, sales and marketing personnel, production and administration. But establishing a structure of payment doesn't mean that you will see huge profits, it just means you have the framework there to start receiving more pay when the time comes as Frick explains, "It might be that as an owner you pay yourself five bucks a month." You can see that this is really about establishing a pattern that you can stick to and that will allow you to pay yourself more when your small business is earning more. Another thing to consider when you're starting your own small business is growing that business. If you do happen to be one of those companies that start off making a profit, you'll want to reinvest some of that money back into the company to purchase more inventory and restock the shelves. You may need to hire more staff so you can expand or keep up with orders. These are all considerations that may take a priority over you actually getting a paycheck from your small business. Obviously, this is something that should carefully be reviewed before you start your own small business as your own living expenses need to figure into that equation somewhere. The most successful small business owners plan for all eventualities so that both they and the business can survive. http://youtu.be/sZqbRhf7sZc
Views: 2510 Steve Freeman
How Do Small Businesses Pay Taxes?
 
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Learn More: https://informationstation.org/
Views: 38534 Information Station
Business Owner? or Self-Employed? The Difference.
 
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Learn more at http://www.nevercoldcall.com/quitsales Business Owner? or Self-Employed? The Difference is that a business owner owns a SYSTEM that generates income whether the owner chooses to work or not. A self-employed person creates a JOB that requires work for income, or in other words, trading time for money the same way you would working for an employer. Credit to Robert Kiyosaki, Kim Kiyosak, Sharon Lechter, and The Rich Dad Company for the Cashflow Quadrant™ Learn more at http://www.nevercoldcall.com/quitsales
Views: 3231 Frank Rumbauskas
Salary vs Dividend
 
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This video compares the difference between Salary and Dividend. It also talks about the tax consequences of a salary and dividend. This is for entrepreneurs, small and medium size business owners and anyone else who is thinking about starting a business in the near future.
Views: 3409 Canadian Tax Guide
How to Pay Yourself From Your Business - All Up In Yo' Business
 
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How Do I Pay Myself in a Single-Member LLC? https://youtu.be/fWkbJs3XLrs Avoiding the Risks of a Single-Member LLC https://youtu.be/DEaRs9ju3Kc How Do I Pay Myself in a Multi-Member LLC? https://youtu.be/Lv3D3rEzx7s Undercapitalization and Piercing the Corporate Veil https://youtu.be/F0EelyDeGMg Contact Aiden and learn more at www.180lawco.com. [email protected] | 720-379-3425 Thumbs up & subscribe if you want more AUIYB! Follow Me! IG: @allupinyobusiness Twitter: @_AllUpInYoBiz Snapchat: @AllUpInYoBiz www.facebook.com/180lawco www.google.com/+aidenkramerlawAUIYB www.pinterest.com/AUIYB The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele Street, Suite 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. ©180 Law Co. LLC. All rights reserved.
Views: 5257 180 Law Co. LLC
How to Pay Less Tax (Legally) - Robert Kiyosaki
 
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Robert Kiyosaki will be speaking LIVE in: South Africa: http://www.nacsouthafrica.com/tv Catch PART 1 HERE:https://www.facebook.com/srseminars/videos/1118521498191246/ Subscribe to access more great videos, or check out: www.SRPL.net ========================== One of the reasons the rich keep getting richer is because when people say “Go to school and get a job” they’re telling their kids to become employees or small business owners. How much tax do they pay? Regular employees pay about 50% in tax while self-employed people like doctors, lawyers & accountants pay 60% tax. Business Owners on the other hand pay 20% tax with investors paying 0% tax. It is absolutely possible to go around paying 0% tax. You don't have to be a crook to not pay taxes, you just have to be smart. In fact, the government wants you to pay no tax. They use taxes as incentives to get you to do what they want you to do. The reason I pay no taxes is because I have four houses I live in but five thousand houses I rent out. By me providing housing, I pay zero tax -- because that's what the government wants me to do! - Robert Kiyosaki ========================== Robert Kiyosaki will be speaking LIVE in: South Africa: http://www.nacsouthafrica.com/tv Catch PART 1 HERE:https://www.facebook.com/srseminars/videos/1118521498191246/ Subscribe to access more great videos, or check out: www.SRPL.net
Views: 98843 Success Resources
Dividends from Small Business Corporations
 
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Video describing how dividends are paid from small business corporations. Business Career College is a national financial services education provider. See our insurance, financial planning and continuing education courses, including self-paced and instructor led options, at https://www.businesscareercollege.com For great industry articles, follow on Twitter (https://twitter.com/JasonWattBCC) or like on Facebook (https://www.facebook.com/BusinessCareerCollege/).
Views: 5736 BCC Education
Small Business Tax Advice and Tax Deductions
 
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The absolute most Important Tax Planning Strategy/Tool You NEED. This is a Cornerstone to Business planning and preparation. This will Change the way you OPERATE. Please watch and share with Anyone You care about. This Tax Advice is perfect for small business. Tax Relief and Tax deductions reviews. DirtMonkeyU.com and DirtMonkeyUniversity.com The Landscape Business Pro Podcast- The Voice of the Landscaping and Construction Industry. http://landscapebusinesspro.com Genadek Landscaping and Excavating genadek.com GT Lawn Maintenance GTLawns.com Linked In- Hit me up! https://www.linkedin.com/profile/preview?vpa=pub&locale=en_US Twitter: https://twitter.com/LBPpodcast Facebook: https://www.facebook.com/stanley.genadek Email: [email protected] Dirt Monkey: https://dirtmonkey.net Links to Episodes of Landscape Business pro: Greg Chism Geek to Freak Fitness and Lawn Care https://www.youtube.com/user/geektofreakfitness http://landscapebusinesspro.com/geek-to-freak-greg-chism-monetizing-youtube-videos/ Jonathan Pototschnik The Lawn Care Millionaire http://lawncaremillionaire.com http://landscapebusinesspro.com/jonathan-pototschnik-how-to-become-a-lawn-care-millionaire/ Brian Shain Top Notch Lawns https://www.youtube.com/user/TopNotchLawns http://landscapebusinesspro.com/brian-shain-of-top-notch-lawns/ Jordan Harbinger The Art of Charm https://itunes.apple.com/us/podcast/art-charm-confidence-relationship/id212382281?mt=2 http://theartofcharm.com http://theartofcharm.com/best/ http://landscapebusinesspro.com/jordan-harbinger-the-art-of-charm/ Keith Kalfas The Landscape Employee Trap https://www.youtube.com/user/TheEmployeeTrap LandscapingEmployeeTrap.com http://landscapebusinesspro.com/keith-kalfas-landscaping-employee-trap/ Mike Michalowicz http://www.mikemichalowicz.com Profit First, Pumpkin Plan, The Toilet Paper Entrepreneur http://landscapebusinesspro.com/mike-michalowicz-profit-first/ John Lee Dumas Entrepreneur on Fire http://www.eofire.com http://podcastersparadise.com http://landscapebusinesspro.com/john-lee-dumas-entrepreneur-on-fire/ More guests: Vanessa Van Edwards The Science of People, John Gray Men are From Mars Women are from Venus, Certified Contractors Network, Jennifer Kahnweiler: The Introverted Leader, Quiet Influences, The Genius of Opposites, Barry Moltz, YardBook, Aaron Walker
How to Pay Taxes on Your Small Business
 
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Watch more How to Do Your Taxes videos: http://www.howcast.com/videos/422992-How-to-Pay-Taxes-on-Your-Small-Business Step 1: Make estimated tax payments Make quarterly estimated tax payments to the IRS if your total tax bill in a given year will exceed $500. Estimated tax payments are due 4 times a year on April 15, June 15, September 15, and January 15. Tip Pay self-employment tax if your annual net earnings will be $400 or more. Step 2: File a tax return File an annual income tax return. The form you use will depend on how your business is organized -- whether it is a sole proprietorship, partnership, corporation, or limited liability corporation. Tip Keep tax-related documents for a minimum of 7 years. Step 3: Pay excise tax Pay excise tax if your business engages in qualified activities. For example, excise taxes are levied on certain trucks and buses used on public highways. Step 4: Withhold employment taxes Withhold employment taxes from the salaries of your employees. Employment taxes include withholding, employer matching, and unemployment taxes. Depending on the size of your payroll, employment taxes are due weekly, monthly, or quarterly. Step 5: Pay sales tax Register with your state's tax department and pay sales tax if your business makes a taxable product. Sales taxes are due quarterly or monthly, depending on the rules in your state. Most services are exempt from paying sales taxes. Step 6: Pay additional state and local taxes Pay additional state and local taxes that are applicable to your business. Consult your local government offices or a tax attorney to determine whether you are responsible for additional taxes. Did You Know? In 2008, tax revenues in the United States represented 26.9 percent of the total gross domestic product.
Views: 77405 Howcast
How To Pay Yourself From Your Business
 
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How To Pay Yourself From Your Business More Information https://www.4cyclesoflife.com FaceBook: Kareem Herbalist
Views: 6585 4CyclesofLife.com
How much tax will I pay? UK tax advice for Business Owners
 
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http://www.incauk.biz/ Hi, I'm Graham from Inca Chartered Accountants. One of the questions we get asked most frequently from our clients -- "How much tax will I pay?" Well, as soon as your accounts are done we will know to the penny, but of course that may happen several months after your financial year end. And it's great to have an idea of how much tax you are likely to pay well in advance of that. So what I'm going to show you is a way to estimate your tax liability. It is only an estimate. We won't know for sure until your accounts are done but it will give you something as a guide as you look ahead through the course of the business year. The amount of tax you pay is dependent upon the type of business you operate. So in this video we are going to look at the two main types -- the sole trader and the limited company. If you are a sole trader you can earn roundabout £7,500 a year in profit, not sales, that's your sales and then take off your costs and your not going to pay any tax on that money. But as soon as you go above that level you are going to start paying tax at a rate of 20%, the same as somebody in employment. But you are also going to have Class 4 National Insurance. Now that kicks in at 9% making your total tax hit 29%. Now the Class 4 National Insurance is interesting because people think my National Insurance - I get a pension, I get hospital cover. Yes, you have already paid for that in a direct debit that goes out of your account every month. This is just tax. You do not get any extra benefit from having paid it. So in order to work out how much tax you have to pay we need to look at your profit month-on-month. You take your sales, subtract your costs, not your drawings, that's money you take out. Put them to one side for the moment. Once you have got that profit situation in place, £600 every month that's yours free, nothing to worry about. But after that £600 you need to put nearly a third away. That is one third for the government, two-thirds for you. Stick it in a cash ISA. It gets paid in January of each year, but be careful because you may also have what is known as a payment on account if your tax bill is high and that's going to kick in, in January and July . Now the Limited Company is completely different because you are not taxed. It is the company that is getting taxed. And the company does not have any tax free amount that it can earn year after year. Company pays tax as soon as it makes £1 of profit and it pays tax at a rate of 20%. That's 20% on all its profits way up to a quarter of a million pounds approximately. Now that's a 9% saving for most average earners. That's most significant. A company has to pay its tax 9 months after its financial year. So calculating it. You take your sales subtract the expenses the business incurs. That's your costs, salary perhaps, supplier invoices and that gets you your profit before tax comes off. Then put 25% away to be on the safe side. So it's a quarter for the Government and three quarters for you. That's what you can have as your dividend income. One of the pit falls of many businesses get into. They think there's my profit, I'm going to take a dividend and get a tax on the dividend. Now that's wrong. Tax gets paid on the profit and then it's your bit. The dividend - that comes afterwards. Remember what I've just told you. It's about estimating your tax bill. If you want to know exactly how much tax you are going to pay send us your accounts. In the next video I'm going to talk about How to get a dividend out of your company.
Views: 31327 oxfordaccountant
Avoid Paying Taxes Legally!!! The Power of A Home-based Business
 
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Chinaza Duson, Small Business Tax Strategist, is also a highly sought after Tax Strategist empowering thousands w/advice on why the MUST own a homebased business. Now! Connect with me and START a legitimate homebased business TODAY: http://www.workwithcoachchi.com Chinaza Duson | 404.464.6733 | [email protected] www.certifiedtravelconsultant.com - my business of choice Text Chinaza to 40691 1st Email: [email protected] | 404.464.6733 | 2nd Email: [email protected] | 404.229.5566 - Secondary | NOT only am I #homebased business strategist, a certified tax preparer. I am a National Diamond Council Team Leader in Paycation Travel. We have the perfect vehicle to help you maximize on these amazing tax breaks I speak on here! Contact me today to get started http://www.browngirlgone.com ---- (travel blog) http://www.goodgirlstravel.com (the best tax deductible business) http://www.truthinduced.biz (www.yourtaxgirl.com)
Views: 315984 Chinaza Speaks
How Pass-Through Income Will Be Taxed In 2018 For Small Business Owners
 
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As a result of tax reform, starting in 2018, the new 20% Qualified Business Income deduciton will be available to small business owners. This video will review how the QBI deduction works, what entities are eligible, the phaseout ranges, the restrictions, and how services vs non-services businesses will be treated under the new tax rules.
Business Financial Statements for Small Business Owners
 
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http://www.AgileWealth.com/m12 Are you a Small Business Owners looking for a better understanding of the money and finances of your business? Finally Know what is going on in your business by reading the numbers and understanding the story they are telling you, instead of just going by intuition and gut instinct. Learn more about the Big 3 Business Financial Statements and why they are Critical to your small business. The Big 3 financial statements are the Business Balance Sheet, the Cashflow Statement and the Income Expense Statement, and you can register for a free download of Examples, Templates and additional Videos at http://www.AgileWealth.com/m12.
Views: 2374 AgileWealth
How do I pay myself from my small business?
 
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If you are a sole proprietor or a single member LLC, it's really easy to pay yourself from your small business. In this video learn how to pay yourself, how much you can pay yourself, and how often you can pay yourself from your small business. You will walk away knowing, "How do I pay myself from my small business?" Get your FREE Small Business Startup Checklist - https://www.SmallBusinessSarah.com/newsletter Have more small business tax and accounting questions? I love helping micro business owners like bloggers and Etsy sellers get a handle on their bookkeeping needs and tax questions. Get the answers you need at https://www.SmallBusinessSarah.com This video is for informational purposes only. Consult your accountant or tax professional for advice on your unique situation.
Views: 35 Sarah Korhnak
Small Business: How Do I Pay Myself in a Single-Member LLC
 
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This video helps answer some of the most basic, common questions about how to pay yourself in a Single-Member LLC.
Views: 1429 Ashley Cameron
Business Startup Tips - LLC vs S Corp: Which is better for you? Legal Issues for Entrepreneurs
 
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Business Startup Tips - LLC vs S Corp - Legal Issues for Entrepreneurs ONLINE COURSE - Complete Guide to Choosing the Right Business Structure http://bit.ly/2cm5EYI JOIN 1,000+ STUDENTS WHO HAVE CHOSE THE CORRECT BUSINESS STRUCTURE FOR THEIR BUSINESS & INCORPORATED THEIR BUSINESS ON THEIR OWN! Are you an entrepreneur, online business owner, or small business owner? Are you confused about how to start your business? Do you want to know the difference between a Sole Proprietorship, Limited Liability Company, or Corporation? This course is a comprehensive overview to help you understand the differences and advantages and disadvantages of the most common business types, including: Sole Proprietorship, Partnership, Limited Liability Company LLC, C-Corporation, and S-Corp. Most people are surprised to find out that you don't need a business lawyer to choose and form the correct business structure for your business. For less than the cost of one-hour of legal work, you’ll be in great position to start your business and save money on a business lawyer. LLC (limited liability company) and S Corporation are popular structures for small businesses since they avoid this double taxation burden. With these business structures, the company is taxed like a sole proprietor or partnership, meaning the company itself doesn’t file its own taxes; all company profits are "passed through" and reported on the personal income tax return of the shareholders or, in the case of an LLC, the members. Most importantly, both the LLC and S Corp will separate your personal assets from any liabilities of the company (whether from an unhappy customer, unpaid supplier, or anyone else who might pursue legal action). The similarities between these two business entities are significant, but the differences can be even more striking. While circumstances vary for each individual and his or her business, here are some pros and cons for each: LLC Pros: 1. The owner of a single member LLC doesn't have to file a tax return for the LLC, as they only report the activity on their personal tax return. 2. Ease of setup: Most LLC forms are only a single page for single member LLCs. 3. Inexpensive to start: The cost of setting up an LLC is also inexpensive, usually just a couple hundred dollars. 4. Guidelines: The red tape involved in forming an LLC isn't as stringent as that involved with S corps, which also leads to savings on accountant and attorney fees, among others. LLC Cons: 1. Self-employment tax: Single member LLC owners are required to pay self-employment tax on income generated in the LLC, which means making quarterly estimated payments to the IRS. 2. Owners of LLCs must make sure they don't pierce the "corporate veil," meaning they have to operate the LLC separately from their personal affairs. "The LLC must not be a shell but an operating entity," says Eka. "There have been cases where a business owner lost their protection because there was no distinct difference between the LLC and its owner." S Corp Pros: 1. The key advantage of an S corp is that it offers tax benefits when it comes to excess profits, known as distributions. The S corp pays its employees a "reasonable" salary, which means it should be tied to industry norms, while also deducting payroll expenses like federal taxes and FICA. Then, any remaining profits from the company can be distributed to the owners as dividends, which are taxed at a lower rate than income. S Corp Cons: 1 S corps have more strict guidelines than LLCs. Per the tax code, Eka says, you must meet the following standards to create an S corp: - Must be a U.S. citizen or resident. - Cannot have more than 100 shareholders (a spouse is considered a separate shareholder for the purpose of this rule). - Corporation can only have one class of stock. - Profits and losses must be distributed to the shareholders in proportion to the shareholder's interest. For example, you can't have disproportionate distributions of dividends or losses. If a shareholder owns 10 percent of the S corp, he or she must receive - 10 percent of the profits or losses. 2. It costs more to form an S corp. 3. Shareholders must adhere to the requirements at all times. If they don't, they risk disallowing the S corp election, and the corporation would be treated as a C corp with its corresponding restrictions. 4. Passive income limitation: You can't have more than 25 percent of gross receipts from passive activities, such as real estate investment. 5. There can be additional state taxes for S corps. 6. Shareholders should pay attention to paying themselves a "reasonable" salary for the work they perform for the S corp, since the IRS is increasingly scrutinizing S corps for this. https://www.youtube.com/channel/UCIypuA7lS-FsVG6cMlNCK2w?sub_confirmation=1 Check out some of our other videos Compensation claims - how long should it take https://youtu.be/NuxfrgSTg78 Kickstarter secrets ep 1 https://youtu.be/2EG78JNZ7nA
Views: 3848 The Business Channel
LLC vs. S Corporation: What's the Difference for Small Business Owners?
 
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Sole Prop, LLC, S-Corporation: What's the difference between the three? Guest host Will Lopez -- Founder and Owner of Advisorfi.com -- will break it all down for you. (Check out Will's channel: https://goo.gl/1APR7p) Single-member LLCs can be taxed in two main ways: as a Sole proprietorship or as an S-Corporation. Here are some key differences between the two, explained in the video: *Setup* -- An LLC taxed as a sole prop is the default structure: So if that's what you want, no further setup is needed -- An LLC taxed as an S-Corp needs to be set up that way (work with your CPA to elect S-Corp status!) *Paying yourself* -- If you're an owner of an LLC taxed as a sole prop, the main way to pay yourself is through distributions, otherwise known as "owner's draws." -- If your LLC is an S-Corp, then the main way to pay yourself is through payroll, though you can take distributions as well. -- If you pay yourself through payroll, however, the IRS advises you take a "reasonable compensation." Watch this Advisorfi video to learn more: https://www.youtube.com/watch?v=_BranqWpYWw *FICA taxes* - If you're an LLC taxed as a sole prop, then all of your net income is subject to FICA taxes - As an S-Corp, only payroll wages are subject to FICA taxes Want even more small business resources? Check out: ---> [WATCH] How to Pay Yourself as a Sole Prop: https://goo.gl/i5yDQ2 ---> [WATCH] How to Pay Yourself as a Single-Member LLC: https://goo.gl/Z78Kxt ---> [WATCH] For amazing tips and tricks for running small businesses, check out Will's channel: https://goo.gl/1APR7p ---> [READ] How to calculate your self-employment tax in 4 steps: https://goo.gl/aXPZvE What's Ask Gusto? Ask Gusto is a YouTube series designed to answer your top payroll, HR, and benefits questions. New episodes come out regularly — feel free to ask what's on your mind, and we'll answer it! Who is Gusto? Gusto serves over 40,000 small businesses across the country with a refreshingly easy payroll, benefits, and HR solution. To learn about Gusto, visit: https://www.Gusto.com. Who is Advisorfi.com? Advisorfi.com is an online accounting and consulting firm for the next generation of business owners. For more small business answers, visit us at: https://www.gusto.com/ask-gusto
Views: 1032 Gusto
How to Pay yourself Entrepreneur and Small Business Owner
 
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Recorded on March 12, 2012 using a Flip Video camera.
Views: 1041 MICAH BYRD
Income Expense Statement for Small Business Owners
 
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http://www.AgileWealth.com/m12 Are you a Small Business Owners looking for a better understanding of the money and finances of your business? Learn more about the Income Expense Statement and the other Big 3 Business Financial Statements, including the Cashflow Statement and the Business Balance Sheet by registering for a free download of Examples, Templates and additional Videos at http://www.AgileWealth.com/m12.
Views: 1439 AgileWealth
Small Business Accounting Company discusses Salary vs Dividends
 
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http://www.softrontax.com/services/ Small Business Accounting company Softron discusses Salary vs. Dividends
Views: 897 Softron
Small Business Canada – Critical decisions every Canadian Small Business Needs to Make
 
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Small Business Canada – Critical decisions every Canadian Small Business Needs to Make (Video 1 of 3) SPRING 2016 PROMOTION - ONLY $39 USD ON UDEMY UNTIL April 30, 2017. Take the full Small Business Blueprint on Udemy for only $39. Just click on this coupon link: https://www.udemy.com/small-business-blueprint/?couponCode=youtube_39promo In this video training tutorial I review the critical decisions a small business owner needs to take when starting a small business in Canada. We’ll review what can go wrong if things are not done properly from the start such as late HST filing, payroll deductions remittances and GST filing. Additionally, we will review the decisions related to setting up your business legally using one of the forms of organization – Canadian proprietorship, partnership and Canadian corporations. We’ll also go over the ways you pay yourself (salary and dividends). Finally we will look at bookkeeping and accounting issues that you need to be aware of as well as some operation factors you’ll need to consider. This is the first of three free training videos leading to the launch of the Small Business Blueprint offered at SBC Knowledge Systems Inc. To watch the remaining tutorial in this training series, click on the following links: Video 2 – Tax Planning Strategies for Canadian Small Business https://www.youtube.com/watch?v=uadaKGIg7-U Video 3 – Secrets to Entrepreneurial & Small Business Success https://www.youtube.com/watch?v=A3rxLyM6puE Small Business Blueprint – Course Enrollment http://smallbusinessblueprint.kajabi.com/sp/29330-sbb-sales-page In the Small Business Blueprint we cover a number of vital topic areas related to starting a small business in Canada such as: - forms of business organization in Canada – Proprietorship, Partnership & Corporation - Advantages & disadvantages of each type - Partnership agreements and shareholder agreements - Starting a small business in Canada – Step by step checklist - Compensation strategies – how to pay yourself with salary or dividends - Tax savings strategies – Small business tax tips to help you save money - Small business tax write-offs and deductions – What you can and cannot deduct - Small business accounting – what you need to keep - Small business bookkeeping – how to setup up your bookkeeping system fast and easy Check out some additional Canadian small business resources here on YouTube - Some great small business tax loopholes from Allan Madan, CPA, CA https://www.youtube.com/watch?v=TQ3lzpKq0Is - Set up a New Business In Four Steps from the Canada Business Network - https://www.youtube.com/watch?v=Bv1MSHM-kzM - 5 Tips to Reduce Your Canadian Small Business Tax Bill (Webinar) - https://www.youtube.com/watch?v=cYYeIsNeHCM - Starting a Small Business in Canada by the Business Development Centre https://www.youtube.com/watch?v=z7Qq6p3PPs0 - GST/HST Payroll Tax Accounts for your business by the Business Development Centre https://www.youtube.com/watch?v=Hg4DFJpatNY Check out our other courses and resources at http://www.sbcknowledge.com
Views: 47792 Ian DiNovo
Small Business Owner Calls on Porn Star’s “Hotshot Lawyer” To Pay Up on the $160,179 He Owes Him
 
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https://www.patreon.com/user?u=4553739 you can donate through this site paypal email account [email protected] Martin Brodel 36248 HWY 133 Hotchkiss, Colorado 81419 martinbrodel1776.com http://www.zerohedge.com/ http://www.breitbart.com/ https://www.aol.com/ http://www.thegatewaypundit.com/ http://dailycaller.com/
Views: 1262 Martin Brodel
What every business owner needs to know about payroll taxes
 
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Contact us at 888-727-8796 if you need assistance with your tax problem (and yes, your information will be subject to the attorney client privilege). We’ve successfully assisted thousands of clients deal with IRS issues. You can also email us at [email protected] We deal with both domestic and offshore issues. www.irsmedic.com Before the 1940’s, taxes were only paid by the ‘Fat Cats’, and they were paid in quarterly installments. Since such a small percentage of people were paying taxes, it was easy for the government to ensure that everyone was compliant. They assured us that only these ‘Fat Cats’ would pay --- until they 'changed their mind' to expand the tax burden to include everyone. “But it’s war time! The budget is suffering and we need your help! Don’t worry…this tax won’t be around forever!” And so we all began to pay. What the government realized quite quickly was that they could rapidly lose control of compliance and collections since there were now so many people paying taxes. They also realized that since they were taxing people a percentage of their salary, the tax debts could add up to the point that the taxpayers just couldn’t afford to pay it back. Taking control with “Pay as you go”: In 1943, Congress passed the Current Tax Payment Act. The idea was born from Beardsley Ruml, an executive for R.H. Macy & Co. and adviser to Roosevelt. In his experience in working with customers from Macy's, he noticed that people didn’t like big bills --- they instead liked to make partial, smaller payments. His “Pay as you go” idea grew into this act that required employers to withhold a percentage of federal income taxes from their employees wages. The employers would then be responsible for paying the government on the workers behalf. Withholding was a great way to keep control of the masses. It’s easier to police a smaller number of taxpayers, and, employers are easier to influence as they have more at stake. Understanding withholding and payroll taxes: Payroll withholdings are the taxes and benefits paid by the employee and include: Employee portion of Social Security tax - 6.2 percent Employee portion of Medicare tax - 1.45 percent (a 0.9 percent Medicare surtax when the employee earns over $200,000) Federal income tax State income tax Court-ordered withholdings As an employer, you are technically the 'trustee' and are holding this money 'in trust' for the government until your quarterly payment is due (4/15, 6/15, 9/15, 1/15). Technically, this is not your money... it is the governments. The law also requires you to pay the employer's portion of two of these taxes: a 6.2 percent Social Security tax a 1.45 percent Medicare tax (the “regular” Medicare tax). We have a lot of clients that are dealing with payroll tax debt. The stress can feel overwhelming, and you may make poor choices trying to solve the issues on your own. It’s a scary thing because you are talking about not only your own livelihood, but also the livelihood of your employees. Scarier still is that you are personally liable for this debt; it's not just the responsibility of 'the business' to pay it back. In our experience, we find that 98% of payroll tax problems are caused by cash flow. Cash flow problems can easily spiral out of control, and can be caused by a client that burns you, a natural disaster, a lawsuit, or employee embezzlement, to name just a few reasons. Unfortunately, we find that the nicest people end up with payroll problems because they may be afraid to lay any employees off. These are honest people that didn’t take the money for their own use; they took the money and put it into the business to keep the lights on, or to pay for supplies hoping to turn the business around. They are misunderstood, hard-working, and are simply trying to make ends meet. We’ll talk more in depth in tomorrow’s article about payroll tax solutions and negotiations, but bear in mind that sometimes if you lay people off, you may be able to get your issue under control and end up re-hiring them. If you need assistance with a payroll tax debt, don’t hesitate to contact us. We’re here to help. http://www.irsmedic.com Serving US taxpayers worldwide "Real Tax Attorneys for Tough Tax Problems" IRS Medic: Parent & Parent LLP 212.256.1335 888-727-8796 Twitter: https://twitter.com/irsmedic Facebook: https://www.facebook.com/TheIRSMedic
Views: 5781 IRS Medic
How to Pay the GST HST Your Small Business Owes
 
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GTA Accounting Professional Corporation is a chartered professional accounting firm Toronto specializing in a wide range of services including but not limited to corporate tax returns, financial statements, tax auditing, international and real estate tax and advisory services. 304-3410 Sheppard Ave East Toronto, Ontario, M1T 3K4 https://gtaaccounting.ca/ +1 (416) 900 3826 +1 (800) 993 0633 [email protected]
Views: 2961 GTA Accounting
How Much Do You Pay Yourself as a Small Business Owner?
 
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It's one of the most commonly asked questions by new entrepreneurs starting a business. And the answer may surprise you. For for information on how to start a business, go to RainMakerPress.com.
Views: 8 Sam Kerns
20 Extremely Profitable Small Business Ideas in 2018
 
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Looking for profitable small business ideas? then, watch 20 extremely profitable small business ideas in 2018. Like, share & subscribe our young entrepreneurs forum. If you've any questions on these small businesses then, feel free to ask your questions in comment box. Carefree by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/by/4.0/) Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1400037 Artist: http://incompetech.com/ Thanks for watching 20 extremely profitable small business ideas in 2018.
Small Business Solutions Series: Do I pay tax when I take money out of my LLC?
 
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Gary discusses how the owner's of LLC claim their income and losses.
Views: 431 goQBO
Canadian Federal Government Takes Aim at Small Business Owners
 
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Five Examples of Why the July 18th Tax Proposals Are Not Being Explained Properly Stop these unfair tax changes: http://www.cfib-fcei.ca/english/article/9614-tax-change-petition.html http://www.painlessfinancialtraininggroup.ca/ Let’s talk about the language being used. The government is talking about closing loopholes, creating a level playing field and increasing fairness. They are doing none of those things. When tax legislation is introduced, the suits talk about proving incentives for business success, they talk about supporting small businesses, and they congratulate themselves for the legislation. Now that they need to raise more tax revenue to fund public sector pensions – they change the language and talk about closing loopholes. When they introduce legislation it is an incentive, when they change the legislation it is closing a loophole. So to be clear, small business owners are not exploiting loopholes they are following the tax laws in Canada. Let’s not blame the business owners for complying with the laws of our land. Secondly – the level playing field discussion. We have heard much about the comparison of a salaried person and a business owner. In this comparison the business owner is paying less tax, but that is not the whole comparison. I imagine there are many business owners, who would be happy to pay more tax if they could get paid for statutory holidays, get vacation pay and have someone create a defined benefit pension plan for them. Not to mention the joy of having an employer pay them and not having to go look for customers. Employees enjoy many advantages over the self-employed. If we are going to talk about level playing field lets level it all, benefits included. Thirdly - Fairness – The top marginal tax bracket in nearly every province is now over 50%. The high income earners are already paying over 50% of their income in income taxes. Fairness might suggest that tax rates should be lower - not that these high income earners are not paying their fair share. Anyone who is paying 50% of their income in taxes is paying their share. Fourth - The suggestion that business income splitting through dividends to family members will no longer be allowed is quite curious. We have pension splitting (50% of pension income can be transferred to a spouse) but we are not going to allow business owners to split income? The pension income splitting does not apply to CPP or OAS, just to RRSP and employer provided plans. In Canada the people who have employer provided pension plans are predominantly employed in the public sector. When pension splitting was introduced there was talk of how this recognized the situation where one member of the family might not have much pension, because they were not employed outside the home for a portion of their working lives. This logic apparently does not apply when we are talking about business owners, only when we are talking about public sector employees. Pension splitting benefits public sector employees and income splitting benefits business owners – there is no difference in the concept – the only difference is in which Canadians are benefiting. Fifth - How about the language “not active in the business?” These words are being used as the excuse for not allowing business owners to split income with family members. What will this mean? I have been self employed for 30 years. At the beginning I used my family home for collateral to borrow money for my business. My family shared in this risk. If I was not able to make a go of my business and we lost the house my whole family would have been impacted. Families share the risk of self-employment – it would be fair to allow for the family to share in the rewards. If you know anything about being self employed you know that an entire family is involved in the business. Think of the time we are going to be spending documenting the activity each family member puts towards the business, to prove they are active - if these proposals go through. The language used by the federal government suggests they are protecting the middle class. They are not protecting middle class business owners. The impact of these proposed changes will be felt the most by business owners with net incomes under $100,000. A common scenario in my accounting practice is a family run business taking business income of $60,000 annually and paying that to two shareholders. There is far less tax on two people each earning $30,000 than on one person earning $60,000. This is the group of people who will see their tax bills soar if the changes to paying dividends to family member s are implemented. The business owners who are taking more than $100,000 out of their businesses are already paying the high tax rates so their impact will be less. The conversation is that these rules target high income earners but that is not how the rules will work, all business owners will be impacted.
Views: 665 Debi Peverill
How To START WEB DESIGN Small Business - EARN Passive Income
 
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How to start web design small business in 2018. Get .com free domain with bluehost hosting - https://goo.gl/wXekM3 & create your own web design service providing website. If you're looking for any help on starting a web design small business then, ask your questions in comment box. Life of Riley by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/by/4.0/) Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1400054 Artist: http://incompetech.com/ Thanks for watching how to start web design business and Earn passive income by starting web design small business.

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