The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  https://boards.fool.com/reducing-taxes-paid-by-members-of-an-llc-14788381.aspx

Subject:  Reducing taxes paid by members of an LLC Date:  4/18/2001  12:51 AM
Author:  StanleyJLee Number:  50413 of 133520

My name is Stan Lee, not of Marvel Comics fame. I am the president of a 6 person LLC and have been in business for 1 year. We were all shell-shocked with the amount of taxes each of us had to claim on our 1040. We have medical benefits and sep-ira. We need to know how to put more money in our pockets and less in Uncle Sam's. I was told we can take a "draw" from our capital account. Does anyone have any insight on this and any other ways. Much appreciated and thank you in advance. Stan
Copyright 1996-2022 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us