Finance Questions? Ask a Financial Expert for Answers ASAP
Thank you for your question. My name is XXXXX XXXXX I will be happy to assist today
The short answer to your question is, "yes" you can pay yourself back first, if you want. This is completely acceptable.
Yes but does effect our current year has pertains to how file our taxes its not a dispersement or income just a payback. And how do we note it on the checks cut to each of us?
The payback is not deductible for tax purposes. You are taxed on the profit of your business only, so you will not be taxed on this money
You would simply write on the check "loan repayment'
Do you have any further questions?
Ok, So has it stands we can write the checks to ourselves out of our business account and write loan repayment. When filing anything for 2013 do we disclose with our CPA? we really don't have any thing to file yet because our reusables are still less than what we have loaned the company. So do we even file a return at this point for 2013?
You have to file a return for the LLC, even if you are showing a loss. You should tell your CPA that you loaned the company money and paid it back, so that he/she can know where your money went.
Ok. Great. Thank you for your help today.
You're welcome. If you would, please rate me positive so that I may receive credit for assisting you today
Ok. Will do.
Thanks so much
Thank you for your help today Megan. You were very helpful and direct and quick to respond.