LLC -Federal Tax Help?
Im a little confused about federal taxes for a single member limited liability company. Am I an employee of my LLC? I realize I am the only member, so do I just pay myself when I want or do I need to set myself a specific amount? If someone could explain this or post a link to a site that explains it better than irs.gov I could be much appreciated :D
- Anonymous1 decade agoFavorite Answer
Dear Bret: Look at your state dept of revenue for information about LLC's. The Texas Comptroller of Public Accounts has an interesting article about compensation of officers of a LLC. You maybe able to be treated as a Sole Proprietor and file Sch C.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor