How Do You Pay Yourself?
Paying yourself from the business? Make sure you’re doing it right. Owner’s draws and payroll aren’t the same thing—and mixing them up in QuickBooks can throw off your tax planning and financials.
If you’re not on payroll, you should be recording draws from equity, not as business expenses. A Chandler CPA (like us) can help you classify transactions correctly—and even decide if it’s time for an S-Corp Election to save on taxes.
This is one of the most common fixes we handle in Clean-Up Projects and monthly reviews. Questions? Call us at 480 747 3935 or visit our Monthly Accounting Services page, too!
