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C
Cowboy4869
January 26, 2025
Question

Taxes

  • January 26, 2025
  • 1 reply
  • 0 views

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

    1 reply

    M
    MinhT1
    January 26, 2025

    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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