Tax on money you invested in your business
by jameshyde, Window Shopper
- Created: November 29, 2010, 5:23 pm
I started a business a few months ago (LLC) and will be investing my own money (under $10,000), is that money taxable?
Example: I've earned $10,000 in 2010. I start a new business and I transfer $5,000 into the new business (LLC, on a separate bank account). Now, do I pay corporate income tax on those $5,000 I invested into my business? And do I pay personal income tax on all $10,000, or just $5,000 (since the other half is invested in the LLC)?
Thanks in advance.
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