Anyone done payroll for single member LLC?
I have a single member LLC that I'm filing as an S-Corp to reduce my taxes.
Now that I'm going to be an employee of my company I looked into some payroll solutions (Quickbooks, JustWorks, Gusto) and was surprised at some of the pricing for a single person.
I did some research and it doesn't seem too difficult to do a basic payroll (no benefits, payed quarterly) for just yourself, it seems like it's a few forms: some quarterly, some at tax time.
For a basic payroll is it worth it to pay $500 - $600 / yr, when you can do it yourself? Am I underestimating the complexity of payroll or am I missing some aspect that I can't do myself?
helpful articles I found:
https://evergreensmallbusiness.com/quick-and-dirty-payroll-for-one-person-s-corps/
https://www.patriotsoftware.com/payroll/training/blog/small-business-payroll-program-irs-forms/
Hello Adam,
After analyzing your situation and reading the articles you suggested, I’m going to have to suggest you go with a payroll processor. They are faster than a manual accountant, safe to rely on, and definitely won’t mess your finances up. Talking about which financial software to pick, I highly recommend you use https://factohr.com It is not at all pricey and will manage to do your accounting at a very pocket-friendly and affordable rate.
I think intuit is your best option:
https://quickbooks.intuit.com/self-employed/
I contemplated this but eventually decided against it. I would highly recommend having an accountant or bookkeeper do this for you. It's very easy to mess this up depending on your state and local tax laws. The fee is tax deductible in the U.S. anyhow and I believe that the loss-of-time cost is too high if you don't particularly enjoy that type of work.
I'm in the same boat (LLC filing as S-corp), but I pay Gusto and an accountant. Everyone's different, but I see enough letters/notices/deadlines that I'm very happy to pay and not think about it.
I think in general, it's pretty doable yourself... my father-in-law did his own (same set up)... but it does take some headspace, and if anything out of the ordinary comes up, I think it's pretty tricky to learn and make sense of all the different rules and nuances, etc.
Just my experience, though. You might be more prone to tackling those kinds of challenges (like my father-in-law).