Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-11-2014, 11:47 AM
Junior Member
 
Join Date: Mar 2014
Posts: 1
2 LLCs, transfer money to the other for business expense - how to record for tax purposes?

Hi,

I have 2 LLCs, I transferred money from one LLC to the other LLC to pay for freelancer services (business expense); how do I record this in terms of tax purposes?

I know for the receiving LLC using this money; I can record it as a "freelancer expense", but do I need to record this transfer on my original paying LLC where the money came from?

I don't know what I need to show on the "P&L Statement (Income Statement)" of the original LLC? As a transfer expense?

Thank you!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Online Money Transfer to USA is taxable? sandeepsinghk For 2013 5 02-09-2014 07:32 PM
Transfer 401k to IRA for Tax Crediting Purposes? chelsea8802 IRA/Sep 0 10-29-2012 01:18 PM
Can I use same credit card for both business and personal for IRS purposes? edmund36 S-Corporation 1 03-20-2011 07:50 AM
What are some of the business purposes that are valid for a nonprofit? chrisk Non-Profit Organisation 1 07-15-2008 10:05 AM
Transfer of insurance "Book" of business Chuck Heath CPA S-Corporation 1 11-25-2007 05:02 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.