Hello,
So I just started a single member LLC (incorporated and operating in Delaware) and have a few questions:
- How do I pay myself?
- How do I pay taxes? Do I pay taxes on revenue or just on what I pay myself?
- A client recently just Venmo'd me money. My Venmo is linked to my personal bank account, not my business account. Do I have to transfer that money to my business bank account? Or can I just keep it in my personal, even though it is revenue from my business?
- Say this client keeps using Venmo to pay me, and it keeps going into my personal bank account, how does the government know how much I owe in taxes? I find this confusing.
Thanks for all your answers in advance!
Edit: Thanks everybody for all your answers! I have reached out to a CPA to get my tax structure and bookkeeping correct.
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