LLC Owners Are Paying Themselves Wrong — And It’s Costing Them Thousands

Book a strategy session with the team: https://www.cofieldspeaks.com/optinxdx5e5vf?el=video2Most LLC owners are unknowingly paying themselves the wrong way—and it's costing them thousands in taxes and creating unnecessary risk with the IRS. In this episode, CPA Carter Cofield breaks down the #1 mistake he sees business owners make when taking money from their company, and what to do instead to stay compliant, avoid audits, and keep your books clean.You'll learn why payroll is the wrong strategy for single-member LLCs, how to correctly use owner’s draws, and how one simple misstep nearly landed a client in hot water with the IRS. If you’re running an LLC and want to avoid back taxes, penalties, and confusion, this video could save you thousands.Chapters0:00 Common LLC owner payment mistakes00:27 Importance of correct LLC owner payments00:57 Small business tax advantages overview01:55 Why LLC owners should not run payroll03:56 LLC tax classifications and payroll rules04:56 Proper way: owner's draw explained05:52 Benefits of paying yourself correctly06:46 Summary and next steps for LLC owners