Youth Sports LLC

[MidwestMagic]

I have an LLC for a youth basketball organization.  At the end of year our bank account is high with player fees, etc., but the first part of the year we pay for all of the tournaments, etc and balance out the season close to $0.  
So end of year my personal income is increased from what the LLC has in it, but I never see any money from the organization since it zero's out at the end of the basketball season.

I'm very new to business taxes so any help would be great!

How should I be handling the tax portion of this?  

[Anonymous_]

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@MidwestMagic wrote:

How should I be handling the tax portion of this?  

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My recommendation would be to seek guidance from a legal and/or tax professional.

Your organization may qualify for exempt status or, if not currently, be structured so that it does qualify.

See https://www.irs.gov/charities-non-profits/other-non-profits/requirements-for-exemption

[Carl]

I have an LLC for a youth basketball organization.

As far as the IRS is concerned, you are self-employed with your own business. You need to seek professional help on this, as I myself would have set this up as a separate 501(c)3 organization at a minimum. That way, it doesn't affect *MY* personal tax return. Additionally, the organization can pay for the professional help, so you personally don't have to. Besides, if you pay for it with your money, it probably won't be tax deductible on your personal return anyway.