ThomasM125
Expert Alumni

After you file

Unless you are a "C" corporation, you pay tax on the business income through your personal tax return. A distribution to you from the company is not taxable to you, so there is no double tax.

 

The only time it may be taxable would be if you took more out of the company than what you put in plus the income generated by the company. In other words, you can take out your profits without them being double taxed.

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