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Get your taxes done using TurboTax
If you are an LLC that has not elected to be treated as a corporation, you are either a partnership or a sole proprietorship.
Partners are not employees and should not be issued a Form W-2 in lieu of Form 1065, Schedule K-1, for distributions or guaranteed payments from the partnership. https://www.irs.gov/businesses/small-businesses-self-employed/paying-yourself#2
You cannot deduct your own salary or any personal withdrawals you make from your business. As a sole proprietor, you are not an employee of the business. https://www.irs.gov/publications/p334#en_US_2019_publink100033111
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‎June 21, 2020
9:42 AM