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Cowboy4869
Level 1
Jan 26, 2025 5:05 PM UTC
Question

Taxes

Can I claim my cash withdrawals as wages from a sole owner LLC company? I have a regular job also.

    1 reply

    MinhT1
    Alumni - Intuit
    Jan 26, 2025 5:11 PM UTC

    No. Withdrawal s from your single member LLC are not wages.

     

    Your LLC is a disregarded entity and you should report income and expenses of the LLC on Schedule C (or Schedule if it's a real estate rental business.

     

    The net income form the LLC (before withdrawals) is subject to income tax and self-employment tax.

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