Welcome Guest. Register Now!  

Payroll Payroll related topics.

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-03-2010, 02:27 AM
Junior Member
Join Date: Feb 2010
Posts: 1
Question Startup LLC and Payroll Taxes Without Revenue

I'm trying to figure out if I should start an LLC for my startup and pay myself, or just live off my savings. The startup is not going to make revenue this year. My savings has already been taxed - my concern is that if I put this into the LLC and pay myself, I'll be taxed again.

Here's the basic scenario I'm trying to figure out:
- 2 person LLC
- 1 person puts in $20,000
- Over the year, both individuals take out money for living expenses.
- $0 revenue expected during the first year

Is this money taxed? Or is it not taxed because we have no revenue/all losses?

Thanks for your help.

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

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

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
Senate debating about reduction in payroll taxes for new hires! MasterCPA CPA Forums 1 01-27-2010 10:37 AM
Partnership LLC startup costs, no revenue yet mrmtax Limited Liability Company 1 11-24-2009 03:27 PM
payroll taxes JasonRedir Sole-Proprietorship 1 02-17-2009 10:48 PM
Is it better to do your own payroll tax returns or hire an outside payroll company? Sabby Sole-Proprietorship 1 07-21-2008 01:02 PM
Startup Stock Issuance thyris C-Corporation 1 11-04-2007 11:16 AM

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

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

» Recent Tax Q&A
No Threads to Display.