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How do you pay yourself ?

Discussion in 'Car Hauler and Auto Carrier Trucking Forum' started by YoungBloodTrucker, Dec 7, 2020.

  1. Dec 7, 2020 #1
    YoungBloodTrucker

    YoungBloodTrucker Bobtail Member

    38
    19
    Feb 10, 2016
    0
    What’s going on haulers, spoke to another driver who uses quickbook and another says he just transfer from business to personal account. Which is more efficient and advised ? Be safe out there. Any example breakdowns would be great
     
    YoungBloodTrucker, Dec 7, 2020
    YoungBloodTrucker, Dec 7, 2020
    #1
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  3. Dec 7, 2020 #2
    bonder45

    bonder45 Road Train Member

    1,775
    5,315
    Oct 2, 2011
    Williston, ND
    0
    Depends how you want to pay yourself.

    Transfer and just pay simple tax at end of year.

    QuickBooks yourself as an employee.
     
    bonder45, Dec 7, 2020
    bonder45, Dec 7, 2020
    #2
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  4. Dec 7, 2020 #3
    Judge

    Judge Road Train Member

    11,179
    71,473
    Mar 19, 2014
    Arkansas
    0
    I transfer money from my business account to personal through bank app, then write how much down in my notes on phone under Pay2020, 1st Monday of every month I text CPA and she pays taxes out of my business funds and texts me how much it’ll be.
    Last month it was only one finger instead of two toes.
     
    Judge, Dec 7, 2020
    Judge, Dec 7, 2020
    #3
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  5. Dec 7, 2020 #4
    Banker

    Banker Road Train Member

    3,710
    9,889
    Aug 19, 2012
    0
    I do an auto transfer weekly from my business checking to my personal checking.
     
    Banker, Dec 7, 2020
    Banker, Dec 7, 2020
    #4
    YoungBloodTrucker Thanks this.
  7. Dec 7, 2020 #5
    YoungBloodTrucker

    YoungBloodTrucker Bobtail Member

    38
    19
    Feb 10, 2016
    0
    That’s what I’ve heard LLc get taxed as personal anyway
     
    YoungBloodTrucker, Dec 7, 2020
    YoungBloodTrucker, Dec 7, 2020
    #5
    Banker Thanks this.
  8. Dec 7, 2020 #6
    Judge

    Judge Road Train Member

    11,179
    71,473
    Mar 19, 2014
    Arkansas
    0
    My LLC is taxed as S Corp.
     
    Judge, Dec 7, 2020
    Judge, Dec 7, 2020
    #6
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  9. Dec 7, 2020 #7
    YoungBloodTrucker

    YoungBloodTrucker Bobtail Member

    38
    19
    Feb 10, 2016
    0
    so do you pay separate taxes for LLc and personal ?
     
    YoungBloodTrucker, Dec 7, 2020
    YoungBloodTrucker, Dec 7, 2020
    #7
  10. Dec 7, 2020 #8
    Ziggy319

    Ziggy319 Medium Load Member

    540
    638
    Mar 27, 2012
    Syracuse,ny
    0
    We have a payroll company service it for us. All employees are W2 compensated. Health Insurance comes out pre taxed and they keep us legal and compliant.
     
    Ziggy319, Dec 7, 2020
    Ziggy319, Dec 7, 2020
    #8
    RockinChair, dwells40 and YoungBloodTrucker Thank this.
  11. Dec 8, 2020 #9
    Wespipes

    Wespipes Road Train Member

    1,037
    1,813
    Jul 14, 2019
    0
    I run payroll through quickbooks. Then transfer my paycheck from my business account to my personal
     
    Wespipes, Dec 8, 2020
    Wespipes, Dec 8, 2020
    #9
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  12. Dec 27, 2020 #10
    frankdtank

    frankdtank Light Load Member

    79
    42
    Sep 27, 2018
    0
    Auto transfer... same bank, no fees, simple.
     
    frankdtank, Dec 27, 2020
    frankdtank, Dec 27, 2020
    #10
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