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Self employed
As single-member LLC you have your options:
1- Treat your LLC as a pass-through entity, where you don't pay yourself salary. Instead, you take an owner's withdrawal from the profits earned by the company. Example, write yourself a check from the business bank account and deposit into your personal account OR transfer funds from your business account to your personal account
(prepare ONE tax return for both your personal income & your LLC)
OR
2- Pay yourself as a W2-employee or 1099-contractor which will require you to file TWO separate returns. One for the LLC and one for your personal return
My recommendation is to go with Option #1
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‎August 31, 2022
3:12 PM
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