"Fastlane" is an entrepreneur discussion forum based on The C.E.N.T.S Framework outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED®). From multimillionaires to digital nomads to side hustlers who are grinding a job, the Fastlane Forum features real entrepreneurs creating real businesses with one goal in mind: Freedom— both financial and temporal.
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It depends on how your set up. When I was a DBA essentialy I paid myself everything. Once I incorporated I starting paying myself a salary and then takeing the rest as a draw when needed. This allows you to control how much you want to pay in SS tax and Medicare. Your fed and state will allows be based on your net income overall.How do you decide how to pay yourself whenever your running your business?
Again, how is this business set up ?? Is it a sole proprietorship, is it an LLC, is it a S-sorp. Can't really answer your question until I know how your set up.hey AJ this is CndLambo from LP. I have two up and coming business ventures. I'm learning alot from each business venture I take. The first one was when i was 17, the business was pretty good actually, the problem was i was treating my business my like it was my own which was my downfall. So for example for someone thats just starting right up again, do I pay myself a little or nothing at all until it gets bigger and bigger?
Thanks! That's what sitting in front of the computer for 5 hours a day does to ya! I only really take breaks for baseball games and special activities that really peak my interest...okay, okay. I'm not that big of a loser. I just enjoy this stuff.Yankees, you sound very well-spoken and mature for a 16 year-old; props
As a sole prop. your basically paying your self everything and will also pay taxes on everything you make after expenses including SS tax and Medicare. If your starting to make a decent amount of money I would suggest incoporating.Its a sole proprietorship. I actually have no expenses in my life right now other than my phone bill.
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