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Updated over 3 years ago on . Most recent reply
Single-Member LLC Draws
Are you taxed on the money that you leave in the LLC's bank account? AKA the money that you don't draw out.
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Ashish Acharya
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
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#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
- Florida
Originally posted by @Josh Corby:
Are you taxed on the money that you leave in the LLC's bank account? AKA the money that you don't draw out.
Yes, you get taxed when you earn, not when you distribute. So, even if you do not take out the money you earned in your LLC's account, you will pay taxes.
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