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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4676
Experience:  35 years tax experience, including four years at a Big 4 firm.
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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: 1 year ago.
Category: Tax
Customer: replied 1 year 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 1 year ago.

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

Expert:  PDtax replied 1 year 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.

Expert:  PDtax replied 1 year 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 1 year 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 1 year ago.

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

Customer: replied 1 year ago.
I already paid 30+$ will this be an additional 50$ more
Expert:  PDtax replied 1 year 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 1 year ago.

Please advise if you want additional help.