My CPA said with an LLC, the IRS basically sees me and my business as the same entity, therefore ALL business revenue is my income. Draw whatever salary or wage you can afford to pay yourself, and don`t forget to send in quarterly estimated income tax payments. Keep very good records, because whatever is left over after you deduct expenses from revenue is what you will pay taxes on, regardless of whether or not you have actually paid yourself. Hopefully you`ve written a business plan and projected your earnings, so you can have a basis to estimate income taxes against.
No disrespect intended toward all the good solid advice given so far, but a CPA is likely going to be your best investment in this situation. This is my first full tax year to file (for 2006) and my accountant gave me a detailed list of deductions and business expenses I can subtract from gross revenues.
Even if you`re financially independent, pay yourself something periodically, because it will remind you who you`re working for and motivate you to carry on.
I wish you much success!