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Tax, SDIRAs & Cost Segregation
Account Closed
  • Educator, Investor, Entrepreneur
  • Philadelphia , Pennsylvania
5
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29
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My LLC finally made some money! Now how do I get $ and pay taxes?

Account Closed
  • Educator, Investor, Entrepreneur
  • Philadelphia , Pennsylvania
Posted Sep 4 2015, 18:00

Hello, 

I finally sold my first deal, but it did not to go as well as planned. My LLC did not make any money for its first whole year and all the finances came from me loaning it.

     I know for a fact I probably did not keep my books properly as it was my first year, I had no clue what I was doing and I got down for a while, putting off record keeping because the property was just putting me in a hole financially.

     The proceeds from the sale are about $38,000 and the money owed to me in loans is at least $2,000, maybe more. I need to be able to get more out then that as I have a lot of personal bills to pay but don't want to be double taxed for an income. 

There are some expenses I think I was supposed to loan the cash to the LLC so the entity could make the purchase but I had no cash and had to put it on my credit personally and I don't know how to reimburse my self.

     Also, I have had to be hospitalized 3 times without insurance and am not sure how much I can reimburse for or how to handle that. At the same time I want to keep at least $30,000 in to reinvest in a cash flowing property to help ease the debts incurred. I feel pretty clueless as to what to do, I had lawyers open the LLCs and I don't feel I was very well educated on how to run the entity. 

 Do I need a lawyer or just a CPA or what?  Thank you so much for reading my post.

Lee

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