AliciaP1
Expert Alumni

Business & farm

No, if you report your single-member LLC activity on Schedule C, you do not report the funds you have taken from the business anywhere.  You are considered a disregarded entity and you and your business are one and the same.  This means the funds from operating your business, which are reported as the net income on Schedule C, are yours as you earn them.

 

@fredptheo

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