Guaranteed payments here defined as paid regardless of profit or loss and in an amount considered reasonable compensation for work. I have accounted for these payments/wages on Schedule SE, but I'm unsure about whether paying myself is a deductible expense as a single member LLC--answers I am finding seem to say that guaranteed payments are only deductible on Form 1065, which I can't file as a SMLLC, only as a partnership. If that's the case, I am liable for much more than I planned for! This should be reasonably considered COGS, but not sure.
Please, TurboTax, you're my only hope!
