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My wife and I work for a c-corporation that we own. We are
My wife and I work for a c-corporation that we own. We are now becoming profitable and are confused on whether to pay ourselves as owners directly from the company, then cover the self-employment taxe… read more
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I have clients who set up an SCorp in 2015. I didn't know
I have clients who set up an SCorp in 2015. I didn't know until today when I received their computer printouts that neither of them took salary in 2015; everything is shown as "draw." Where should thi… read more
keeperumiami
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I own a business that makes 220k a year. I only have 1500
I own a business that makes 220k a year. I only have 1500 dollars a month in expenses. Should I be taking the rest as my salary? It is an s corp and if I paid myself a "reasonable" salary it would onl… read more
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Does the .9% over $200k affect only people receiving income
Does the .9% over $200k affect only people receiving income on schedule C, or would it affect me if I receive a salary from my owned S Corp and distributions for the remaining amount. E.g. A: Schedule… read more
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One of my S corporations lost money in 2015. In the past it
One of my S corporations lost money in 2015. In the past it was profitable and I was drawing a modest salary each year. My question is can I forgo my salary completely in 2016 since it appears it will… read more
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I incorporated as an s-corp in spring 2013 and operated for
I incorporated as an s-corp in spring 2013 and operated for a year before shutting down (s corp is still technically active but is not doing business). I payed myself no W2 wages. Instead, I payed mys… read more
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Good Morning, I am in need of more advice. I took a
Good Morning, I am in need of more advice. I took a subchapter S election within my LLC. I received a notice from the Georgia DOL that I am now liable for GA unemployment tax. I have no employees but … read more
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I have an S-Corp created in NV and also licensed to do business
I have an S-Corp created in NV and also licensed to do business in IL. In IL the corporate/business tax rate is 9.5%, and the "personal" tax rate 5%. Because my S-Corp is a "pass thru" entity, does th… read more
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I am a psychologist and the sole employee of my LLC. How do
I am a psychologist and the sole employee of my LLC. How do I figure out what a "reasonable salary" would be to pay myself. I want it to be low so I can take distributions from of FICA charges, but I … read more
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I own an LLC that is taxed as an S-corp. I am the owner and
I own an LLC that is taxed as an S-corp. I am the owner and only employee. Because I am both an LLC and a corp, I am confused if I have to pay my state's employee withholding tax. As far as the state … read more
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Hello. I am writing to ask a question about our S Corp business
Hello. I am writing to ask a question about our S Corp business taxes. We have a small business (commercial door installation /service) with net sales this year of $250,000. My husband is the sole sha… read more
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Lets say the S-Corporation or LLC makes a small profit, but
Let's say the S-Corporation or LLC makes a small profit, but the owner of the S-Corporation or LLC doesn't make enough money to pay a reasonable salary. How should the owner handle the issue of paying… read more
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I have two S corps in Florida. I was wondering if I pay myself
I have two S corps in Florida. I was wondering if I pay myself a salary of 50,000 and then take distributions of 70,000 at one store that does higher volume, then pay myself 35000 a year and take dist… read more
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When an owner of a small business S- Corporation takes ...
When an owner of a small business S- Corporation takes out a "loan" from the business, how is that handled in terms of accounting? Is it set up as a liability account? Is the owner required to pay it … read more
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If I invest the various Owner Draws I have taken from my ...
If I invest the various Owner Draws I have taken from my coproation over the past twelve months into tax emempt funds/bonds or similar, how am I to then classify those Owner Draws? Would it be as Sala… read more
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I am using a payroll processing company to process our ...
I am using a payroll processing company to process our paychecks, we had asked to issue checks for us officer and just want to know what is the easiest way for us to get pay, using payroll and be taxe… read more
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