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uncklefester
04-22-2014, 03:03 PM
I'm currently starting an online business and have an LLC. But I want to control how much I get paid whether it's a wage or profit. if I personally make more money I spend more in child support and student loans. And I want to be able to take profits made by the LLC and reinvest into inventory and capitals. How do I go about doing this? Do I need to file as a S Corp or is all part of its going to be considered my income?

sc2bam
07-09-2014, 02:30 PM
Hi Uncklefester,

Google the phrase, own nothing control everything, and those search results, will direct you, to the right path, to be on, concerning your question.

Best Of Success,

Shay C.

taxcpa
08-05-2014, 05:34 PM
If you are the single owner of an LLC all the income of the LLC will be included on your tax return. If you earn revenue but have expenses, those expenses will reduce your income. You are taxed on the net amount .... revenue less expenses. The only way to get the LLC income off your tax return would be to make an IRS election to have the LLC taxed as a C-corporation. The LLC then would have its own income separate from you and pay its own taxes. Your income would only be what is paid to you as salary for your work or as dividends as the owner.