Pay

How do I pay myself?

Answer

With money! :)

As the owner of an LLC, you pay yourself from the profits.

There is no special way to do this--you simply write a check from your business account to yourself.

You don't do any withholdings or payroll. Just a check.

Now, don't get too excited. You still have to pay your self-employment taxes and estimated income taxes. It's just that you don't have your employer acting as tax collector on your behalf.

The good news is that you get to time your receipt of profits and payments of taxes on your own schedule.

That's also the bad news...if you are not responsible about putting aside enough money for taxes.

My suggestion is to keep good track of your income and expenses during the year, and to invest in decent tax software for small business, like TurboTax Online.