What Is an Owner’s Draw and How Does It Affect Payroll? | businessnewsdaily.com

January 11, 2024January 10, 2024 ~ knjohn ~ Leave a comment

Fear of failure and a lack of support or delegation can lead business owners to work more than their employees. Over 80% of business owners work more than 40 hours a week. When a traditional salary doesn’t match their ever-changing job responsibilities, many seek a more flexible option. Owner’s draws, also known as “personal draws” or “draws,” allow business owners to withdraw money as needed and as profit allows.

A draw may seem like a superior option over a salary. But is it always the best solution? What are the tax implications? Keep reading to determine if owner’s draws are the best fit for your business.

How to Run Payroll for a Small Business | business.com

March 23, 2023March 22, 2023 ~ knjohn ~ Leave a comment

Doing payroll yourself can be as easy as these eight steps.

Processing payroll by yourself can be complex, and if you’re doing it for the first time, it’s crucial to consult an expert before you get started.

The challenge of processing your payroll is what you may miss. For example, if you enter deductions or file payroll taxes incorrectly, you could expose your business to severe liability. However, you can still process payroll manually – in eight steps – and if you’re a small business owner who employs only a few people, it may be worth learning how to do payroll on your own.