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Updated almost 5 years ago on . Most recent reply presented by

User Stats

374
Posts
27
Votes
Ben C.
  • Metuchen, NJ
27
Votes |
374
Posts

Question About Paying LLC Taxes

Ben C.
  • Metuchen, NJ
Posted

Hello,

I have a 50/50 LLC with my spouse. Obviously that LLC income flows directly onto our personal joint return. The LLC has a separate bank account to keep funds separate. The LLC money has been reinvested in another project. My question is should I pay the IRS from my personal account (for which the personal return is filed) or from the LLC account? If from the LLC account I would need to transfer the funds from personal to LLC and then cut a check from the LLC (no big deal).

I just want to make sure I am doing it the right way to not pierce the corporate veil. 

Thanks so much!

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