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BK-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 933
Experience:  Owner of a CPA firm
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Hi - I am going to start working as an Independent Cont. I

Resolved Question:

Hi - I am going to start working as an Independent Cont. I currently have an IRS bill of $881/mo. I started a new company under a separate tax id for my new paychecks to go into. My question is how do I get that money into my personal account from the corp without paying double taxes?
Submitted: 6 years ago.
Category: Tax
Expert:  BK-CPA replied 6 years ago.

If you have an S-Corporation, this isn't an issue.


To avoid double-taxation for a C-corporation, you can bonus out all of the income to salary. If the C-Corporation has no income, the corporation also has a $0 tax liability. You, in turn, would show all the income as wages on your personal income tax return.


Waiting until year-end to take a salary, or paying an unreasonable salary and no dividends in the case of a C-Corp, can potentially lead to trouble, so make sure your salary is reasonable for the work you're doing.

BK-CPA and 2 other Tax Specialists are ready to help you