Payroll is something that should never be done yourself. Depending on how your company is taxed will determine how you pay yourself so education is important before starting payroll for yourself. Payroll penalties can add up quickly for simple oversights and mistakes so we partner with three different payroll companies to provide discounted prices to our clients where the payroll company is accountable for the submittal of tax forms and payments. We can assist our clients with the processing of payroll as well or train them on the software system. We partner with Gusto, QuickBooks Online Payroll and ADP; all of whom offer additional services like workers compensation insurance, HR services and more.
If you have questions about these topics, please reach out to us for a conversation!
- Owner salary vs. Shareholder Distribution or Partner Draws
- Workers Compensation requirements
- Employee leasing vs. In-House Payroll
- Retirement Contributions from Your Company
- Human Resources
Our Payroll Partners – You have Options:
- QuickBooks Online Payroll
When can an owner take W2 Payroll from their Company?
Only s-corporations can allow owners to take a w2 payroll from the company. W2 payroll is an expense to the company and reduces profit!
Partnerships and Sole Proprietors take money out of the company as a “draw” and these draws do not reduce profit as they go on the balance sheet.
Find out what is best for your business and your taxes!