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Personal tax question. I own a small struggling retail in…

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Personal tax question

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I own a small struggling retail biz in Florida.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

In an effort to stay afloat personally. I paid myself 10k last year as owners draw.

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Answered in 2 minutes by:
3/22/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,807
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

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Customer reply replied 1 month ago
I did not pay taxes on the owners draw, how can I record it as income on my personal tax return without getting beat up ? In it's current form, I stand to owe back taxes of $4000.

What type of entity are you?

Sole Proprietorship?

S corporation?

C corporation?

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Customer reply replied 1 month ago
LLC. 2017 was tough because of the hurricane.

If you're a sole member LLC, the income and expenses get reported on Schedule C of your personal tax return.

You will pay income tax and self employment tax (Social Security and Medicare) on your NET income.

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Customer reply replied 1 month ago
We had a loss of $8,000.

Did you complete your Schedule C?

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Customer reply replied 1 month ago
No. Bookkeeping, tax stuff is my kryptonite. Wouldn't even know how to start. Lol

Then you don't know if you have a profit or a loss.

You should complete Schedule C with your income and expenses because there's no way you can determine your tax until you know whether you have a profit or loss.

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Customer reply replied 1 month ago
Ok, thx. Bye

You're welcome.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,807
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Barbara
Barbara
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