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Get your taxes done using TurboTax
A single-member LLC without an election to be treated as a corporation for federal income tax purposes is no different than a sole proprietorship with respect to IRS reporting. Thus, you cannot pay yourself a salary.
If you want to pay yourself a salary, you would need to make an election to have your LLC treated as a corporation for federal income tax purposes (most like an S corporation election). Otherwise, you would have to incorporate a separate entity in your state.
‎October 25, 2023
3:09 PM
2,829 Views