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Updated about 5 years ago,
Cpa says I have to paymyself through my mmllc?
My wife and I just bought a duplex in the state of Iowa, we set up a mmllc to put on title of said property. I called a friend who is a cpa, he told me I would have to pay myself, which would mean extra taxes.( The property only brings in 1450 a month with a 950 mortgage.) From my research I have personally done the llc is just an extension of my personal income. And I dont have to " pay myself" as it is a pass through entity. He said he didnt know much about the llc setup, and I tend to believe him. As I believe this info is untrue in my case. Am I wrong in my assumptions. Am I not understanding something. Any insight would be greatly appreciated.