1099 CRNA Institute: Thrive as your own boss-How Do I Pay Myself?

Video Transcription

Video Summary

The video discusses paying yourself as a business owner, comparing options for sole proprietors, PLLCs, LLCs, and S Corporations. Sole proprietors can take draws or profits without formal payroll, but must pay self-employment taxes and income taxes. S Corporation owners set salaries subject to payroll taxes and can also take tax-saving distributions. Setting up salaries and balancing self-employment taxes are key in maximizing tax advantages. Planning for financial goals, retirement savings, and legal liabilities is crucial. The video emphasizes treating your business professionally to achieve financial objectives efficiently with flexibility for adjustments as needed.

Keywords

business owner

taxes

salaries

financial goals

professionalism