Self-employed hair professionals (barbers, hair stylists, braiders, lash techs, etc.) who want to put themselves on payroll should do it the right way to avoid paying more in taxes. A lot of people just sign-up for a 3rd party payroll service to have their LLC pay them, but unless you request the S-Corp status, you'll be paying more in taxes. In this video I break down how taxes work when you're a regular LLC (disregarded entity) or an LLC taxed as an S-Corp. In the second half of the video I walk through how to fill out the Tax Form 2553 which is the form you have to complete and send to the IRS when you want to start paying yourself on payroll.