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Here is the question: I'm looking to estimate what my tax liability is for 2017. I'm the majority shareholder (53.5%) of an S-Corp. In 2017, my income was: ‘ordinary income': $255,000 1099-MISC: $67,777 K-1 (distributions): $58,514 I paid myself $96K from the company account to personally pay business legal fees. The company then cut me a check for estimated taxes on those legal fees amounting to: $34,969 Can you show me how to calculate the estimated tax liability on this? Note, I've come to understand the $255,000 number is ***** proportional tax burden of the company's total profit (this amount wasn't paid to me in cash) Do I have this right? Country/State/Province of question: Washington State USA… read more
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Attachment: 2012-10-19_073721_1-1-11.pdf Attachment: 2012-10-19_073744_1-1-12.pdf Attachment: 2012-10-19_073809_8-31-12.pdf Attachment: 2012-10-19_073826_12-31-10.pdf Attachment: 2012-10-19_073841_12-… read more
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