read_connect(); //$GLOBALS[ezoic_db]->read->query("use 17things"); ?>

I transferred startup money to my new company, how do I account for this to the IRS?

I was running my business as a sole-proprietership for a few years then I set it up as an LLC. I transferred money to my LLC so it had money to work with. Now I’m trying to figure out my tax filings and I am stuck about what to do with this and get the balance sheets in order.

Any help is not appreciated.

Tags: , , , , , , , , , , ,

Related Items

2 Responses to “I transferred startup money to my new company, how do I account for this to the IRS?”

  1. SG said :
    August 14th, 2010 at 10:21 pm

    This action has no (direct) effect on your personal return. On the LLC’s books, the infusion of cash from a partner is a debit to a cash account, and a credit to the partner’s equity account.

    If you are struggling with this issue, you should considering paying a tax/bookkeeping service to maintain your books. There are services out there that are very reasonable, and it frees you up to focus on making money.

  2. rgirg said :
    August 14th, 2010 at 10:30 pm

    on the co. books you would debit assets cash as investment and credit owners equity. i don’t know about the IRS part




Message:

[newtagclound int=0]

Subscribe

Recent Comments

Recent Posts

Archives