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Old 10-05-2013, 04:36 PM
 
2 posts, read 1,660 times
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I have formed a LLC in TX. do i need to apply for EIN.
I will be opening a business checking account and charging expenses using a business credit card.

My questions are :
If I have to pay myself, do I write a check from the business account payable to myself and deposit to my personal checking account ? Some say that paying yourself thru checks is called as a owner's draw. What is the owner's draw and is it documented when i write a check to myself ?

If I earn 100$ per hour from the client , and have expenses of 20$/hr, when filing the taxes do I have tell IRS that my salary is 80$/hr. Can i pay myself a industry average salary of 50$/hr and pocket the remaining 30$/hr.

How do i underpay myself, how do i set a salary for me ?

Do I need to make quarterly tax payments to the IRS.

Is there any software that one uses for bookkeeping for a single member LLC. My expenses are going to be simple.

If I work in other states, do I need to pay state taxes or since the LLC was formed in TX, I dont have to pay state taxes ?
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Old 10-05-2013, 07:20 PM
 
433 posts, read 1,132,236 times
Reputation: 239
You need to setup a time with a CPA and spend the $200-$300 to get your questions answered.

some answers:
To open a checking account, you will need an EIN.

You can pay yourself a "salary" and deposit that into your personal account anytime you want. The check will serve as proof of documentation.

A simple accounting software program will work for your business.
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