Episode 015 – Getting Paid: How To Pay Yourself (Part Two)

Still not sure how to pay yourself from your business?  Or what to pay yourself? Or how much you should put to the side to pay income taxes?

Last week, we discussed deciding what you should pay yourself as a solopreneur (DBA, single member LLC treated as a sole proprietor, etc)… but what do you do when you’re a S-Corporation, C-Corporation, etc?

Deciding what you should pay yourself as a business owner can be a confusing matter to resolve but I’ve got you covered. 

Note:  This episode is especially for you if you’re the owner of a corporation (S-Corporation, C-Corporation or Partnerships).  There is a separate episode for a solopreneurs (DBAs/doing business as; sole proprietors or a single-member LLCs treated as a sole proprietor)

Mentioned in today’s episode: 

  • the question you should ask yourself before you start transferring money from your business
  • what you need to have in place (like a board of directors)
  • what you may want/need to get in writing
  • how to figure out a reasonable salary

Don’t forget, you’re invited to a complimentary consultation with me… You can grab a session by going to thecommoncents.com/consult.  Just in case you have any specific questions or unsure how much to pay yourself.

If you’re hanging out on social media, you can find me on Facebook, Instagram or Twitter…as @thecommoncents. 

Episode 015 - Getting Paid: How To Pay Yourself (Part Two)

Episode 014 – Getting Paid: How To Pay Yourself (Part One)

Not sure how to pay yourself from your business?  Or what to pay yourself?  Or how much you should put to the side to pay income taxes?

There are a lot of percentages and formulas floating all around but is it right for you and your business?  How can you be sure?  

Deciding what you should pay yourself as a business owner can be a confusing matter to resolve but I’ve got you covered. 

Note:  This episode is especially for you if you’re a solopreneur (DBA/doing business as; sole proprietor or a single-member LLC treated as a sole proprietor). There’s a separate episode for business owners of corporations.

Mentioned in today’s episode: 

  • the question you should ask yourself BEFORE you start transferring money from your business
  • the quick calculation you can use to figure how much to pay yourself 
  • The Pay Yourself Calculator (part of the Money Metrics Tracker Bundle)

Have money questions?  Want me to give you my 2 cents on an upcoming episode?  Send your question to podcast@thecommoncents.com.

If you’re hanging out on social media, you can find me on Facebook, Instagram or Twitter…as @thecommoncents.

Episode 014 - Getting Paid: How To Pay Yourself (Part One)

Episode 013 – Getting Paid: Do You Really Need A Separate Bank Account

Wondering if you need a separate bank account as a DBA?  As a sole proprietor? As a solopreneur?

When you start a business, there are a lot of things to do.  It’s really easy to be unsure of yourself. What do you NEED to do right now?  What can you save for later? 

In this episode, I answer the question “Do I really need a separate bank account for my new business?”  

The answer should be no surprise…in addition to answering the query, I give you accounting, tax and just practical reasons to back up my answer, I go into quite a bit of detail behind WHY you should absolutely have a separate bank account for your solo-business.   

Mentioned in today’s episode: 

  • The various reasons supporting my answer – from the practical, to the accounting based, to the IRS-audit based reasons
  • A quick tip – the first place you should look to open a business bank account

Additional resources:

As always, this is an open discussion so if you have a question that you’d like me to answer on an upcoming episode, send an email to podcast@thecommoncents.com.

If you’re hanging out on social media, you can find me on Facebook, Instagram or Twitter…as @thecommoncents.

Episode 013 - Do You Really Need A Separate Bank Account

Episode 011 – Getting Paid: How To Request Payment

Requesting payment for outstanding invoices doesn’t have to be a manual affair.  Chasing invoice payments isn’t fun…especially if it leaves you stuck in your inbox when you’d rather be following your purpose and providing extraordinary services to your clients.  

Once you have all of the tech stack pieces in place, this is actually something that you can easily automate.  

In this episode, I’m going to walk you through what you can do today to start automating your payment requests so that you don’t have to babysit your invoices and your inbox.

Mentioned in today’s episode:

  • What you can do today to automate the payment request process
  • What you can do going forward, like setting boundaries, establishing rules for your business and outlining consequences for nonpayment
  • How you can automate the process with accounting software like Xero or business management software like Dubsado
  • My everything checklist to help you keep all of your money matters straight so that you don’t forget anything – Money Matters Checklist

Remember, this is an open discussion.  I want to hear from you so if you have a question that you’d like me to answer on an upcoming episode, send an email to podcast@thecommoncents.com. (No worries, you can remain anonymous, if you like.)

Also, if you’re hanging out on social media, you can find me on Facebook, Instagram or Twitter…as @thecommoncents.

Until next time! ~Joyce

Episode 011 - Getting Paid: How To Request Payment

 

Episode 010 – Getting Paid: Ways To Transfer Money

For the record, not everyone is a scammer.  There are way more legitimate businesses out there than those that are out here scamming people.  So imagine how shocked I was when that was the overall sentiment in a recent group discussion.

I get it, sometimes we don’t know what we don’t know.  In this case, the original poster had expressed concerns because their new client didn’t want to pay by credit card…they wanted to pay by wire transfer.  And as a result, the client needed the poster’s bank information *gasp*

Not only are there legit reasons to ask for and accept wire transfers and ACHs as a form of payment but there are also legit ways to get it done WITHOUT giving up your bank account number.

In this episode, the first of the “inspired by” topics, I’m giving up the goods and telling you exactly how to do that.

I’m giving you a list of my top 3 alternatives to credit card payments (plus a bonus one) and I issue a very strong warning about what NOT to do/use for money transfers.

Mentioned in today’s episode:

  • 4 Alternatives to Wire Transfers
  • Why you shouldn’t use personal money transfer systems like the Friends & Family option in Paypal or Zelle or Venmo or CashApp when conducting business

Additional resources:

Remember, this is an open discussion.  If you have a question that you’d like me to answer on an upcoming episode, send an email to podcast@thecommoncents.com.

If you’re hanging out on social media, you can find me on Facebook, Instagram or Twitter…as @thecommoncents.

Episode 010 - Getting Paid: Ways To Transfer Money

Episode 009 – Bookkeeping Basics You Can’t Ignore

Bookkeeping can be intimidating and a bit overwhelming but it doesn’t have to be.  It can (and should be) a tool that you can use to plan and scale your business… sooner than later.

In this episode, I’m giving you four quick tips to get you on board with bookkeeping.  Just the basics. Afterall, we have to start with a foundation, right? RIGHT!

Mentioned in today’s episode:

Additional Resources:

Remember, this is an open discussion.  If you have a question that you’d like me to answer on an upcoming episode, send an email to podcast@thecommoncents.com.

If you’d also like to find Joyce on social media, you can find her on Facebook, Instagram or Twitter…as @thecommoncents.

Episode 009 - Bookkeeping Basics You Can't Ignore

 

Episode 009 - Bookkeeping Basics You Can't Ignore: Transcript

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