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Paying yourself as a business owner can be structured in a couple of ways, depending on the type of business entity you operate. Here’s a quick guide to understanding your options: ✅ LLCs (Limited Liability Companies): Your compensation is typically through owner’s draws. This means you can take out money from the business account as needed, which then goes into your personal account. Remember, these aren’t considered ‘wages’ so they aren’t subject to payroll taxes. However, come tax time, you’l
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Business Owners Save This Post!📌📌 Here is how you find the best entity for your business 📝📝📝. Selecting the proper business entity is extremely important for business owners. LLC’s are a great starting out entity, but there comes a point when you need to upgrade to an S-corp! Watch this video to find out which entity structure is best for you. Want to watch the full episode? Click the Link in My Bio to check it out ⬅️ @Ash Cash #smallbusiness #entrepreneurship #taxtips #taxdeductions
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Paying yourself as a business owner can be structured in a couple of ways, depending on the type of business entity you operate. Here’s a quick guide: ✅ LLCs (Limited Liability Companies) not elected as S Corp: Your compensation is typically through owner’s draws. This means you can take out money from the business account as needed, which then goes into your personal account. Remember, these aren’t considered ‘wages’ so they aren’t subject to payroll taxes. However, come tax time, you’ll need t
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