How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask PDtax Your Own Question
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4292
Experience:  35 years tax experience, including four years at a Big 4 firm.
64119565
Type Your Tax Question Here...
PDtax is online now
A new question is answered every 9 seconds

I have 5k in my s corp balance from last year revenue ( mine

Customer Question

I have 5k in my s corp balance from last year revenue ( mine is a startup still) I have had no billing , single person s corp. Yet to run a payroll. I want to take out hte 5 k money . Thought to run a payroll. Can someone please advice me on how to do this.
Submitted: 7 months ago.
Category: Tax
Customer: replied 7 months ago.
I already posted twice here and got answers like "consult a tax advisor" !!! and other answers which didnt help me at all. Please reply only if you have a very specific answer like "use the 5k to run a payroll of xxx$ amount for the first 4 months or 6 months" and something more elaborate. I am fine for a phone call or a follow up session if required. Thanks !
Expert:  PDtax replied 7 months ago.

Hi from Just Answer. I'mCustomer I will assist.

Expert:  PDtax replied 7 months ago.

if you made money last year, you reported the income and paid income tax on it then.
You can take the $5k tax free now. Just write a check.

No need for payroll.

I'll let you review, and am here for follow up.

Customer/p>
Expert:  PDtax replied 7 months ago.

Hi again.Customerhere. Just following up on my response.

If this answers your question without a phone call, please rate my assistance using the rating scale below. Of course, follow up is welcomed if you need anything more on the subject. Positive feedback is appreciated, so the question can be completed for our month end. I'mCustomer

Customer: replied 7 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  PDtax replied 7 months ago.

I posted a phone call offer. Please confirm you did not get it, and I will resend.

Customer: replied 7 months ago.
I already paid 30+$ will this be an additional 50$ more
Expert:  PDtax replied 7 months ago.

It is an additional charge. But you could describe last year's income, and I can discuss your payroll question in more detail.

Expert:  PDtax replied 7 months ago.

Please advise if you want additional help.

Customer/p>

Related Tax Questions