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LLC and taxes
I thought we might have touched on this here before, but I didn't find a thread.
We live in OH. Wife has an LLC in WA that she started last year. She is the sole owner. Made $28k. All of that money was earned in WA. She has not paid herself anything (she's trying to build up a nest egg to get a commercial space).
I understand that an LLC is a 'pass through entity', and thus doesn't get taxed itself. But none of the money has 'passed through'. It's still sitting in the LLC's accounts. Soooo.....I don't get it. Does she still have to pay taxes on the money that was made, even though she has not paid herself any wages?
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