Is it OK to run myself and wife through payroll to get w2 and have provable income as the business owners of an LLC vs just taking draws?

I appreciate you sharing your query here with us, 4rootsjuicebar. I've come to provide information to help you acquire provable income as business owners of a Limited Liability Company (LLC).

As mentioned in the IRS guidelines, the procedures for compensating yourself will depend on the type of business structure you elect.

In your case, yes, you can run yourself and your spouse through payroll to generate W2 forms from QuickBooks Online. Before doing so, it would be best to reach out to your accounting professional. They can provide you with the right information and ensure payroll compliance.

To do this, here's how you can learn to manage employee setup and run payroll tasks: Get started with QuickBooks Online Payroll.

Furthermore, you may browse through these resources for additional reference when managing business data and other payroll tasks:

• Salary or draw: how to pay yourself as a business owner
• Set up and pay an owner's draw

I'll be on this thread if you require additional assistance managing QuickBooks payroll tasks in your account. Feel free to reply to this post, and I'll make sure to provide further help. Keep safe and have a good one!