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New Member
posted Jan 26, 2025 9:05:20 AM

Taxes

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

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1 Replies
Employee Tax Expert
Jan 26, 2025 9:11:07 AM

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.