I have an LLC for a youth basketball organization. At the end of year our bank account is high with player fees, etc., but the first part of the year we pay for all of the tournaments, etc and balance out the season close to $0.
So end of year my personal income is increased from what the LLC has in it, but I never see any money from the organization since it zero's out at the end of the basketball season.
I'm very new to business taxes so any help would be great!
How should I be handling the tax portion of this?
