Hi
I have an LLC in virginia, single member LLC and filing tax as S CORP.
Since my LLC needs money for paying salaries and other contractors payments, I am funding my LLC from my W2 personal earnings.
So if I transfer money from my personal account to LLC business account and use it for expenses on Business account, is there a way I can show that on Tax filing or its of no use? or spend the money directly from personal bank account.?
what is the best approach
It is generally a good idea to keep personal funds segregated from business funds.
If you are not required to maintain a balance sheet on your 1120-S (it is a good idea to do so, regardless), then you do not need to show the transfer on your filing. On your balance sheet you would make an entry for the cash and for paid-in capital.
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