• Joe

How to pay yourself at your Travel Planner LLC

If you've protected yourself by starting your independent travel planning business as an LLC, you'll need to eventually pay yourself. Paying yourself can be handled two ways, by paying yourself as an employee via payroll wages or to treat yourself like as an LLC member and receive distributions from profits.

Here is a resource with specifics on how to pay yourself.

If you decide to go the payroll route and pay yourself a regular salary, we suggest a payroll company to handle the details. There are many to choose from, but my favorite is Quickbooks Core payroll. It costs $45/mo at the time of this article writing, but it is completely hands off after the setup. The setup is not real simple, but once it's going, it's automatic.

The main reason I prefer Quickbooks payroll is because we already use Quickbooks Online as our accounting software. It's the industry gold standard, and every accountant knows how to use it.

But there are new comers making big waves (no pun intended). Wave, an accounting and payroll system is totally free for the accounting side and only $20-$35 (depending on your state) for payroll. That's an amazing deal. I don't have any experience with it, and we're firmly wrapped up in the quickbooks ecosystem, but Wave looks like a formidable opponent to quickbooks reign.