Payment for bookkeeping and tax prep. for my LLC.

[flipz]

My husband and I own and LLC.  I do the bookkeeping and tax prep. Can I pay myself less than $600.00 for performing these services? 

[tagteam · Accepted solution]

Members of an LLC are not considered employees of the LLC and do not receive a salary or wages, with the possible exception of guaranteed payments.

See https://www.irs.gov/publications/p541#en_US_201902_publink1000104260

[HelenC12]

Yes, you can however you will have to enter the money as self-employed income on your personal income tax return. 

To enter your self-employment income not reported on a 1099-MISC:

1. When in your account, select the Take Me to My Return button on the main screen.
2. Type Schedule C in the Search box
3. Select the Jump to link.
4. Answer the general questions about your business (or select Edit at the work summary screen).
5. At the Let’s get income for… screen, select Other self-employed Income.

Or, if the jump to feature does not work:

1. On the TurboTax left menu, select Federal.
2. On the top select Income & Expenses.
3. Scroll down to Self-employment income and expenses.
4. At the Let’s get income for… screen, select Other self-employed Income.
5. Continue with the onscreen interview until complete.