Originally Posted by grandview (2006)
Couple of different ways,You can give yourself a pay check each week just like an employee and pay all taxes on it. Or take a draw ,then at the end of the year and your books are closed it will transfer to your personal taxes and taxes are due then. What ever you do write a company check to yourself and deposit it into your personal account then pay bills.
Very close, as an LLC you have to elect how you want to be taxed. If as a C-Corp you can cut a check. If as a Sole then you take a draw.
The IRS knows LLC's exist but do not determine taxes. You have those two choice