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Level 4
December 7, 2019
Solved

Single-member LLC files Schedule C and makes payments to independent contractors by issuing 1099-MISC. Should the owner of LLC issue 1099-MISC for himself as a salary?

  • December 7, 2019
  • 1 reply
  • 14 views

The LLC is located in Georgia. How to file schedule C with single-member LLC ? thank you

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Best answer by IRonMaN

No, there is no "salary" for a single member LLC, unless they elected to be taxed as an S corp.  What he or she took out as a draw doesn't mean much since they are taxed on their income, not their draws.

1 reply

IRonMaN
IRonMaNAnswer
Level 15
December 7, 2019

No, there is no "salary" for a single member LLC, unless they elected to be taxed as an S corp.  What he or she took out as a draw doesn't mean much since they are taxed on their income, not their draws.

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