As a single member LLC, you are considered a disregarded entity and so your income and expenses are reported the same as a sole proprietor. The net income from this is what you will pay taxes on. The distribution you take from this LLC is not taxable but is also not an expense for the company. So it does not impact your net profit (income less expenses), which is what you pay income taxes and self-employment taxes on. So you do not need to report these owner payments in your tax returns.
