How To Pay Yourself As an LLC [Follow this or lose money]

This used to be one of my most watched channels... sadly, it's been a while since i visited it has been a very rough year... i am experiencing one of the toughest phases of my life... Lost a fortune lnvesting in emerging companies. Hopeful, for a turnaround.

Love the way you teach and explain all the information you take your time and realize that people are following your steps not just physically but mentally as you speak on one subject it allows us to get a visual in our head before you move to the next subject I appreciate that didn't you him watch some other channels and they just moved too fast not allowing you to even digest the info keep doing with your doing in just the way you do you are appreciated for that🎉🎉🎉

How can the payment to yourself be deducted? And how do you determine your tax bracket in the beginning of the year?

I learned a lot from you bruh. Dropping gems! I appreciate you

WOW, if we do like u said it's better work for someone else. Jezzz out of 3k I'm out with 900 bucks.

Ok you have my attention, two videos in and I subscribe. This content is good.🥰

I was struggling to grow my business until I started working with Dace Consultancy. Their team provided me with valuable insights and strategies that helped me increase my revenue and reach my goals. They were always available to answer my questions and provide me with the support I needed. I'm so grateful for their help and would recommend them to anyone looking to take their business to the next level.

I’m so happy that you said what I was thinking: The bulk payment. I did not know about the Recast. Thanks very much for the heads up. Still, it’s so terrible that the federal are warping the market, the cheaper pricing on higher risk loans. This mischief makes everything worse. Appreciation to Agent Dace Consultancy for getting some type of grants funding to keep me going through my own projects.

Wow! Thank you!

Hello what bank is best to open a business checking account
New business no revenue as of yet
Working on personal credit thank you

I’m learning so much!! Thank you!!

hmmm... I've always done tax allocation AFTER all expenses....including operating expense...in other words, gross profits do not occur until after all expenses have been taken care of...including operating expenses.
So in your example, your 38% tax allocation should be on your balance after operating expenses.

Excellent information. Thank you for leaving out industry jargon. Subscribed

Much appreciated!

I understand the concept that both myself and my LLC are taxed on profit. What wasn't clear is which entity ultimately makes the check out to the IRS. Is it my own personal account or do I pay the taxes from the LLC's tax account? I'm talking about which entity actually cuts the check?

whats the difference between the initial $2000 you took out for expenses, to the 15% you took out for operations? Sounds like the same thing.

I wanna open a cleaning company for cleaning companies and houses. Do I need LLC? I will have 1 employee

I just found you on YT today, and I am so thankful that I did. I'm about to incorporate my LLC very soon and all the videos I've watched of yours so far have been phenomenal and very informative. Thank you so so much for putting the time and energy into these videos to help us small business owners be informed and successful! ❤

What about a multi member llc? Husband and wife team

I think you need to clarify just a bit that the first $2,000 you talk about out of the $5,000 is included under the operational expenses. So your first obligation with the monies in the business account is to the operational expenses, second to taxes, and then on to innovation, payroll and savings. Am I correct in this understanding?

This helped a lot bro 💪🏾

Dang I get paid $150.00 every two weeks 😊. And for each of these things operations , taxes , savings , innovation . We should have separate accounts ?

If I'm a single LLC. Do I need to put myself on payroll with my CPA if I write a check every month?

I appreciate your help SO MUCH ! Thank you .

So Super helpful!!! Thank you!!!!

Thank you! Using all your information.

Very good information I am need to having an llc

👍👍👍

this made so much sense. thank you for your knowledge.

Is it not better to create yourself a salary because you still have to live?

THANK YOU💙💙

There is so much passion and value in your videos. "Thank you" seems so far from the level gratitude due.

Thank you for this video!

Great video thank you very much

Hi. I have new a business LLC Sole Member and am funding my business right now via (member contribution) deposits to my LLC account through my personal account with a check. I would like to know if I could transfer funds electronically (same bank) from that same personal account as a (member contribution) and not break the vail. I ask because it would be much easier to indicate on the transfer of funds (member contribution) vs. having to go to the bank often. Thank you.

What about if I use ADP to pay me as a single member llc, will I still have to pay so many taxes

Do u pay less taxes with employees ?

not going to lie but I thought you were Floyd Mayweather TMT for a moment LOL. I like the beard though.

Good information

Great teaching my brother and thanks

Thank you very much

Bravo 👏 Excellent Breakdown

Would you consider the rent/building as one of the operating mechanisms?

I have a question though. Is it okay if I just put away the taxes money per invoice when a client pays? instead of taking my profit that's left over? The numbers should come out to be the same correct? And there's no drawbacks from dealing with the IRS if I do handle my money that way, right??

Bro!!! You are the man!! Thank you I’ve been looking for these answers or better yet looking for a better understanding of these topics for a longtime!! Thank you!

Excellent Video Prince Donnell!!! Thank you for your thorough explanation of how to pay yourself with your LLC .

Thanks for these videos, it's a life saver for a new guy starting my LLC.