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MarkStevens
Level 1

Guidance for new business owners

Set up LLC a few months ago. Depending on earnings by December and tax obligations have to determine how much to pay myself. So intend to run payroll but once I figure reasonable salary after the big sales season in Nov, Dec. So what's the guidance on using Quick Books software for running payroll but only once a year. Is that an option?

1 Comment 1
JessT
QuickBooks Team

Guidance for new business owners

Hi Mark,

 

Thank you for taking the time to post today.

 

Taking owner's pay in an LLC company and the contribution reports depends on the regulations of your state. I'm sharing with you an article about this scenario: Salary or Draw - How to Pay Yourself as a Business Owner. I would also recommend consulting an accountant to get an advice for your taxes.

 

If you have other questions, please let me know.

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