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I never say I'm a CEO I never say I'm self-employed I never say I'm a business owner anytime I'm getting Financial products for myself personally whether I'm applying for an apartment or trying to get a car loan I always say that I'm a manager at my company and I show pay stubs for that and they treat me like they would treat anybody else who's coming in for the financial products let me just see your pay stubs if you meet two times the rental requirement three times the rental requirements right then you're approved but if I go in and I say yeah I'm self-employed I'm big CEO or whatever they're going to like oh word okay show me 2year tax returns you got to be making X Y and Z they need all this other financial documents nah let's avoid all that I'm a W2 employee and I'm going to set myself up properly so it'll be much more easier for me to get approved for financial [Music] products what's up CEOs and welcome back in today's episode I'm going to be discussing the importance of establishing and setting up payroll for your business entity how to save money on taxes by electing your LLC as an S corporation and if you're a business consultant I'm also going to show you how you can create an additional stream of income simply by just sharing the same information and helping other business owners do the exact same thing Each one teach one right so let's get right into it okay so it is extremely imperative that as a small business owner or entrepreneur you structure your business financials correctly and you're very organized one of the biggest mistakes I see small business owners do is when they're very early on in their stages of Entrepreneurship they are co-mingling their personal and business finances and they're not paying themselves a fixed salary from their business and Co mangling just means that you don't have separate bank accounts and anytime you need money for your everyday expenses or living expenses you're just dipping into your business bank account whenever you please and it's just not organized and it doesn't have any structure whatsoever so what you need to do I don't care how new your business is the moment you start generating Revenue you need to start paying yourself a fixed salary okay paying yourself a fixed salary that makes it clean easy and convenient and the benefit of this as well is as an individual you're it's going to be easy for you to get approved for financial products like a loan line of credit credit cards car loan a mortgage loan getting approved for an apartment right if you go and apply for an apartment and you say that you're self-employed the requirements to getting approved gets 10 times harder than if you was just to say I work at XYZ company and I'm a manager right in order to pay yourself as an employee of your business you're going to need to have a payroll Processing Company setup now I like using ADP as my payroll provider for various reasons one of my favorite things I like about ADP is like it's a One-Stop shop for multiple reasons they can help you set up health insurance retirement plans they offer workers comp um this is a true Marketplace as you're growing your business and not having to go to outside resources to put components together so whether you're looking for HR services or you want to set up your 401k plan right so um clock your time right like if you have employees that's working for you and you need to monitor their time they're working because they're on an all Aller rate ADP has this Marketplace that integrates with various different service providers platforms so it can continuously integrate with one another ADP also files your payroll taxes for you on a quarterly and yearly basis and pay the IRS so you don't have to worry about those complicated tasks associated with running payroll like I said the main purpose is having a strategy having a platform where you can seamlessly pay yourselves and create pay STS for proof of income for example here I am set up in my business as an employee right I'm set up in my business as an employee on direct deposit so every single week I'm getting paid a percentage of my business revenue for the work I do now if you are generating money in your business where you can pay yourself a fair salary of what you'll pay someone else to do uh for what you're doing then do so but it's really just contingent upon how much money that you can afford to pay yourself but I highly recommend that you do pay yourself something even if you're just making $5,000 a month right pay yourself $500 or $1,000 or whatever the case may be that makes sense let me just show you an example of my pay STS right if I go and I want to apply for a car loan right and they need to see the last three pay stubs I can easily go in CU I've created pay stubs for myself and view my pay stubs and download it and they'll see my Revenue the hours I work and stuff like that right nowhere on this pay stuff says I'm a CEO I'm a manager anything like that this legitimately looks like I work at a company call ADR Group LLC and I get paid this fixed salary on a consistent basis so this is the only financial requirement that they're going to ask from me to help me get approved for financing another benefit about using ADP is that they report your payments to the main business credit bureaus this is a great feature considering that I'm paying them to run my payroll they're going to be reporting my payments to the main credit bureaus to help me boost my business credit score that's a great feature that ADP has associated with their platform when your business is making about $50,000 in net profit annually then you should definitely consider electing your LLC as an S corporation and what this essentially means when your LLC is elected as an S corporation it's now a pass through entity and is not subject to corporate taxes so let me show you what I mean here in this quick demonstration okay so this is how your taxes are considered when you are simply just an LLC and you're not elected as an S corporation so in this example let's say that this person makes about $100,000 net profit from their business now just to make things as simple as possible the only thing I'm going to talk about is self-employment tax taxes now of course you have federal taxes and you have state taxes Associated but I'm only going to talk about self-employment taxes because this is the tax saving that you're doing when you elect as an S corporation you are still responsible for federal and state taxes dependent upon what state your business is registered in and where you live so let's say that this person generates $100,000 net profit now of that $100,000 net profit this person is subject to a 15.3% self-employment taxes on the entire $100,000 which leaves a tax liability of $115,000 and $5,300,000 $15,300 total tax liabilities just off the self-employment taxes now once you create your business as an escort once you elect your LLC to be an S corporation here's what happens your pay your net profit is now divided into your salary and also distribution so out of the $100,000 let's say that this person now pays themselves a $30,000 salary per year out of that $30,000 that's when the 15.3% self-employment tax kicks in and now just self-employment taxes this person has to pay $4,590 right now the other remaining 70k is now distribution and this is not required this is not subject to self-employment taxes so now because it's not subject to self-employment taxes this leads to a$0 self-employment tax liability okay so just based off of this example this is a $110,000 saving simply from just electing as an S corporation but again you have to make sure that you set yourself up on a salary and this is what's going to be subject to self-employment taxes and then the remaining uh uh the remaining fees the remaining income I'm sorry the remaining income is going to be categorized as distribution and doesn't have to worry about corporate tax so $10,000 savings and of course if you're making more than $100,000 in net profit then that savings just goes up tremendously so this is when and how uh electing your LLC as an escort can be extremely beneficial to you to elect your business as an S corporation you have to file form 2553 with the IRS I highly recommend that you consult with an accountant or your CPA to determine if this is the best option for you I am not a licensed accountant or CPA I'm just telling you what I know based from experience this is not for everybody so I highly recommend that you consult with your accountant or CPA to determine if this is the route that you should go but as you can see this can be extremely beneficial when you are um generating a certain amount of income from your business the deadline to file as an S corporation every year is March 15th you can file at any time but that's going to be subject to penalties and fees and an explanation of why you file late in a whole n so I highly recommend if this is something you want to do you try to meet that deadline after you consult with your CPA so let's talk about how you can create an additional stream of income if you're a business consultant simply by educating your clients on the importance of setting up payroll in their business so if you're business consultant if you do business taxes or any Financial Services like credit repair or you are an accountant or anything like that if you work with business owners on a day-to-day basis entrepreneurs on a day-to-day basis then this will be a great opportunity for you to create additional stream of income so how it works is that you must be a member of ADP you must use ADP as your payroll provider and as your services and once you see the great benefits that ADP has to offer and you're running payroll for your company then you can be a referring partner with ADP and refer your clients to ADP as well once you refer your clients to ADP and they use ADP as their payroll provider for at least 90 days then you will get paid a whooping $11,000 per client that you refer that uses the services so let's do the numbers here if you refer 20 people that is $20,000 50 people that is $50,000 right 100 people that's $100,000 you can see how how you can do that in a year right so this is a great opportunity for you again if you want to create an additional stream of income and just educating your clients on setting up payroll uh ADP also offers a service if your customer if your client is already using a payroll provider they will help your customer transfer over help your client transfer over their services take care of everything from A to Z and I also see that they try to really beat rates as well to win clients over so um it's a really great product a really great service a really great for a really great way for you to um manage your business financials and also create an additional stream of income for yourself so if this is something that you're interested in then I highly recommend that you click the link below to register as a partner I'm going to have my link below so you can do so um you will have a representative contact you walk you through everything give you a custom quote that is manageable manageable for you to do and also enroll you into the partner service once you qualify so you can start making that additional stream of income all right so that wraps up our discussion on the importance of setting up payroll for your business so you can create a strong foundation for your business growth if you found value in today's video make sure you give it a thumbs up if you have any questions concerns or want to share your experience on payroll for your business then comment below and if you're new here or haven't subscribed yet make sure you hit that subscribe button so you can stay up to date on actual strategies and insight to boost your business until next time continue to invest into your business success and take care peace