DianeW777
Expert Alumni

Investors & landlords

No. Even though this is an LLC, it is a single member reporting as though it was an individual.  You are not allowed an expense deduction for paying yourself.  Your net profit each year is your income, i.e., your payment.  It will not stop the taxation of the net profit.

 

If you set yourself up as an S Corp, you could pay yourself wages, however the costs may be more than the tax difference is worth. You should consult with a firm or company that would provide guidance for best options before making a choice to change your entity.

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