This is the year you pay yourself more - Here's How >>
Every business owner I have ever known has said the same thing.
I am doing this so I can have more freedom. (Money, time, etc)
When I first started, Every penny came back into my personal account. There was little if any left at the end of the month let alone the end of the year. I was desperate to see these numbers get better but they didn’t until my accountant recommended I start paying myself.
What?
Pay… MYSELF?
What I thought I could afford to pay myself became something of a joke. I started paying myself $300/week. Taxes were taken out and I was given a w-2 at the end of that year. I noticed I was able to leave more and more in my business account. I was able to make do with less and less “owner draws” as money was coming in every week. (This did not eliminate my owner draws nor did I stay at this rate forever, but it was a start!)
I noticed over time, I was bringing in more money than if I had just taken draws and it was more evenly distributed between myself and the business.
I was intimidated by payroll and how it all worked. How could I possibly do this on my own? All the paperwork and filings. I didn’t want to screw it up and get fined!
I struggled through some pretty awful Online Payroll setups before I decided on SQUARE PAYROLL.
SQUARE PAYROLL was a bit more per month than the other guys (now they are the most cost-effective!) But I knew the process would be seamless. So far, 4 years later, so good!
I now pay all my contractors via SQUARE PAYROLL and SQUARE does all the year-end paperwork! 1099s and W-2s are sent out on time and I don’t pay any extra!
If paying yourself MORE this year is on your list for 2020, consider becoming a FULL-FLEDGED BUSINESS OWNER and start taking a paycheck!
For less than $40/mo I am able to pay myself and my contractors in less than 10 min a month. Hallelujah for Direct Deposit!
Did I mention it helped to lower my taxes?