I was curious how and how much you pay yourself? Do you just write yourself a check monthly? Bi-weekly? Do you have a payroll company issue you a set amount from your business acct? I’m assuming people keep their business accts and personal accts separate.
yeah, keep everything separate.
i decided on what a reasonable salary was for what i do (think- “what would i have to pay someone else to do my job?”), and my wife (who does all of the books for the business) just writes me a payroll check every week, taxes/fica/unemployment insurance etc already taken out. that goes into our personal account.
I pay my self once a month out of the business acct, which then goes into my personal acct. My accountant does my payroll taxes quarterly. I think we are going to be switching to monthly now. I just got a raise;)
I’m a sole proprietor. I don’t pay myself really. I just take a draw as needed. This year I will chance to S corp or LLC. I’ll take a salary then as an employee. See what your accountant suggests for your situation.
Pay myself every two weeks… take payroll taxes out. Keep everything separate. (Read Simple Numbers- by Greg Crabtree, after reading I started paying myself instead of living on dispersments)
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Yep it’s a must read, also a couple of nice webinars from Greg in the wcra webinar area.
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