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I have a single-member LLC.If I put personal money into the LLC account as Owner Equity, do I have to include that money as business income?

Forum|Forum|1 year ago
January 8, 2025
2 replies
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Best answer by WS13

No. And when you take money out of the LLC, you don't count that as wages or other taxable income. It's taxed through the LLC.

WS13Answer

No. And when you take money out of the LLC, you don't count that as wages or other taxable income. It's taxed through the LLC.

I believe you would code in into the general ledger as a member investment and code money you take out as member draws. It doesn't affect Income & Expense.

Are you maintaining a balance sheet? If not, it's a moot question anyway. If so, why? All you need to do is understand how personal transactions affect the tax consequences. Because with no balance sheet neither the drawing or contributions show up.