Should I form an LLC for my business?

An LLC protects your personal assets from business liability and can reduce self-employment taxes once you earn $40,000+ from the business. Below that, the cost and complexity may not be worth it. Single-member LLCs are taxed as sole proprietorships by default — you need an S-corp election to save on SE taxes at higher income levels.

What is the best accounting software for small business?

QuickBooks Online is the most widely used for small businesses with employees or complex needs. FreshBooks is better for freelancers and service businesses that invoice clients. Wave is free and sufficient for very small or simple businesses. Xero is a solid QuickBooks alternative for growing businesses.

How do I pay myself as a business owner?

Sole proprietors and LLC owners typically take an owner's draw — just transfer money from business to personal account. S-corp owners must pay themselves a 'reasonable salary' via payroll to avoid IRS scrutiny, then take additional distributions. Getting the salary/distribution ratio right is where most S-corp owners can legally reduce self-employment taxes.

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Small Business – LLCs, Accounting Software, Payroll & Financing

Small Business – LLCs, Accounting Software, Payroll & Financing

Updated April 2026

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