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-   -   Single Member LLC tax question (https://www.askmehelpdesk.com/showthread.php?t=459262)

  • Mar 21, 2010, 09:53 AM
    joefrazier2009
    Single Member LLC tax question
    I have a tiny single member llc setup where I accept money from online sales. I also have a full-time job where I get my W2.

    My accountant told me that since I am an single member llc, she will file my business taxes with my personal.

    Here is my question, if I made $1000 last year from my business online sales deposited straight into my business checking account. I claimed this $1000 with my yearly taxes for the business and my personal W2.

    Now this $1000 is sitting in my business bank account. If I want to take this $1000 and use it for personal use, am I going to get taxed on it again if I write a check to myself?

    I just started the business thing and its very confusing, so if anyone can help me understand, in laymans.
  • Mar 21, 2010, 08:33 PM
    Jaykid007

    If you included the 1000 in in your business income and paid ordinary income tax and SE tax, then you won't need to pay taxes on it again if you put it in your personal account.
  • Mar 21, 2010, 11:33 PM
    MukatA

    You will report your LLC income on schedule C. If you withdraw any amount from your LLC, you do not pay any tax.

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