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?
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?
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.
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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