How Are Personal Contributions To Your LLC Taxed

[@TobyMathis]

Claim Your FREE 45 min Strategy Session NOW! 👉 aba.link/boe

[@stanmoney8470]

My short term business isn't doing so well, so i need to to transfer money from my personal saving into my business checking to survive what do I call the tranfer?

[@TobyMathis]

I'm sorry to hear about the challenges you're facing with your business. You can label this transfer as either an owner's contribution, or a loan. If characterizing it as a loan, there will need to be an accompanying promissory note and reasonable terms (inlcuding interest rate).

[@Intellistan]

So say I buy things used solely for the business, how would I account for that from each perspective

[@no3ll3mayb3rry9]

In our partnership agreement they had us assess our skills as capital, now it’s tax time and I’m unsure how to report this as the business wasn’t profitable and of course this contribution wasn’t actually cash it was skill? Can you help? Do I need a new partnership agreement?

[@tradelikeapro1484]

Does depositing stocks into a single member LLC incur a capital gain? The stocks will not be sold. I have searched for this but cannot find an answer.

[@TobyMathis]

I recommend setting up a free consultation to discuss some strategies and how they apply to your unique situation. Sign up here: aba.link/boe

[@dolodoowop1971]

if there's a capital contribution made from a member's personal account to the business account and the business then uses that money to pay for expenses.. can those expenses still be claimed as a tax deduction?

[@TobyMathis]

Great question, in order to assist you further, I highly recommend you attend our Free Tax & Asset Protection Workshop where our attorneys and specialists will answer all your questions live at the virtual event. aba.link/taptoby

[@dolodoowop1971]

@@TobyMathis Sure and thanks for responding..! I've registered and will attend and ask the same question during the workshop. However, I was hoping to get to have the answer sooner than the date of the workshop. There is something I have to pay for for my business and a deadline approaching in the very near future and was looking for the best way to maximize my deductions looking forward in 2024.Thanks tho, maybe I will have to eat this contribution as a loss maybe not but I will know after April 6th thanks to this workshop

[@juliekreklau1959]

how do you do that?

[@Chinsanity23]

Can I contribute other assets?

[@TobyMathis]

Yes - but there are tax rules if the contributions of assets are dissimilar - ie I contribute cash and your contribute real estate - that it could be deemed a taxable transaction.

[@Chinsanity23]

@@TobyMathis I have a bunch of crypto miners I owned before forming my LLC and I’m the only member of my LLC. Would those be taxable?

[@TobyMathis]

@@Chinsanity23 We highly recommend signing up for a free strategy sessions andersonadvisors.com/ss/ to answer this and more of your questions

[@ociemoore1]

So I have a small side cleaning bizz outside of my 9to5. If I need to transfer money from my personal to my bizz acct id write “member contribution” in the memo?

[@Precursor-]

@@ociemoore1 don’t know if you got your answer already or not, but That would be the easiest way to keep track of it. So when you pull the statements to file taxes or do your bookkeeping, you can see the memo indicating what that specific contribution is.