re: Business structure: LLC or S-corp?

quote:

---

Should I 1099 myself at the end of the year?

---

Not required. Your LLC is a disregarded entity for tax purposes. You will report the revenue and expenses from the business on Sch. C. You will be taxed on whatever the net income reported on Sch. C is, and not on the cash transferred from the business to your personal savings. As far as the IRS is concerned, there is no difference between your business checking account and your personal savings account. You can spend the money in either as you desire.

Your LLC should receive 1099-Misc from your customers who pay you over $600 during the year. And the total amount of revenue you report on Sch. C should be greater than, or equal to, the amounts reported to your business on the 1099-Misc.