Shera asks: Q: So the owner’s draw doesn’t have any tax consequences like a salary would, correct? A: Correct – the owner’s draw account does not have any tax consequences like a salary. As a Sole Proprietorship or single member LLC (seen as the same as a Sole proprietor to the IRS), the Net Income (the...Read More

Sherie asks: Q: Before realizing I should have been putting everything to owner’s investment, I repaid our joint account for approximately $2500 last year. I wouldn’t have if I had used my personal account, but this wasn’t all my money! Can I just do an owner’s draw? Or would I have to set up and...Read More