Taxes

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

posted

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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