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Business & farm
The same logic applies. A single-member LLC is the same as the individual. If you report the guaranteed payments on Schedule C, you also report them as income. The two entries cancel each other out.
A foreign country may require you to report the guaranteed payments because they are paid by a US company. But for a US federal tax return, you would not report the guaranteed payments as wages or income.
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‎April 23, 2024
5:10 AM