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Old 02-26-2015, 10:37 PM
coalfieldslawn coalfieldslawn is offline
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Best way to do payroll??

Hey, everyone, I'm finally getting started with my new business and started thinking.. I don't have a way to show I'm paying myself. It's just me in the business alone so I don't have to worry about anything major yet, but I was wondering how do you all pay your self? My CPA just acted like, "you know, just pay yourself". But I don't know what the best way or how to get myself on a payroll and have a check. To get loans and other things that take credit to obtain thing you need personally and for your business you need a weekly check stub. I am needing a new truck in a bad way and the bank Isn't going to be too thrilled if when they ask how much money I make I say well I pay myself "this" and have no proof. Any advise would be great! Thanks!
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Old 02-26-2015, 10:48 PM
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360lawncare 360lawncare is offline
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Just show them your business checking account.. It's a document showing how much money the business makes
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Old 02-26-2015, 10:55 PM
TXLWN TXLWN is offline
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ZEN PAYROLL or Intuit when you start having employees...really inexpensive and its done right online and simple and they file all the needed paperwork with the irs. As for now while you are solo if you want to keep it simple you need to have a business account and right yourself a paycheck out of that and put into your personal account. I would also have a savings account or seperate checking account and put 20-30% back for taxes and pay those quarterly or whatever your accountant recommends.
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Old 02-26-2015, 11:01 PM
Regal Landscapes Regal Landscapes is offline
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Are you registered as a sole proprietorship?

If so you don't need to deal with payroll taxes because you and the business are the same the income of the business is your income. If it's a corporation or llc it is a separate entity and so you are an employee of the corporation therefore needing to pay payroll tax.
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Old 02-26-2015, 11:07 PM
TXLWN TXLWN is offline
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Your accountant should really be able to advise you easily on this too....if he cant I would get a new accountant immediately! As regal said... if you are a corporation or llc it changes things up but you should still be able to just right yourself a check and then give yourself a 1099misc. Make sure you get the right advice from a professional so you do not have a headache on your taxes.
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Old 02-27-2015, 12:01 AM
coalfieldslawn coalfieldslawn is offline
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Quote:
Originally Posted by Regal Landscapes View Post
Are you registered as a sole proprietorship?

If so you don't need to deal with payroll taxes because you and the business are the same the income of the business is your income. If it's a corporation or llc it is a separate entity and so you are an employee of the corporation therefore needing to pay payroll tax.
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I was thinking that how it was at first then I must have gotten confused. I fell pretty goofy now. So pretty much was my business has made this year is what I have made this year?
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Old 02-27-2015, 12:06 AM
coalfieldslawn coalfieldslawn is offline
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Quote:
Originally Posted by TXLWN View Post
Your accountant should really be able to advise you easily on this too....if he cant I would get a new accountant immediately! As regal said... if you are a corporation or llc it changes things up but you should still be able to just right yourself a check and then give yourself a 1099misc. Make sure you get the right advice from a professional so you do not have a headache on your taxes.
That's how I sent myself up was a S corp. Maybe it was me that just didn't understand. I just assumed that I need to keep a payroll for me and then the rest was the business' money. My accountant just told me to keep up with the money I make and my expenses and turn them in to him when I come to his office.
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Old 02-27-2015, 05:24 AM
Kawizx62003 Kawizx62003 is offline
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Quote:
Originally Posted by coalfieldslawn View Post
That's how I sent myself up was a S corp. Maybe it was me that just didn't understand. I just assumed that I need to keep a payroll for me and then the rest was the business' money. My accountant just told me to keep up with the money I make and my expenses and turn them in to him when I come to his office.
As an S corp you have to be on payroll and deduct taxes. You also have to pay yourself a fair market wage for the work your doinG YOUR ACCOUNTANT NEEDS TO BE FIRED.
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Old 02-27-2015, 05:25 AM
Kawizx62003 Kawizx62003 is offline
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Use ADP payroll if you dont want to deal with doing it yourself, about 40 bucks a payroll. Probabaly should have not done S CORP at this point but too late now.
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Old 02-27-2015, 05:48 AM
jc1 jc1 is offline
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Quote:
Originally Posted by coalfieldslawn View Post
That's how I sent myself up was a S corp. Maybe it was me that just didn't understand. I just assumed that I need to keep a payroll for me and then the rest was the business' money. My accountant just told me to keep up with the money I make and my expenses and turn them in to him when I come to his office.
I suggest talking to your accountant again.
You say "I" set myself up as an S Corp.
Why would you choose an S corp or any other structure with out having some understanding as to what the pro's and con's are ?
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