When and why would I take distributions from my S-Corp?

[bronsoni]

Well, I didn't realize with was three years old, only saw april. At any rate, I guess my question to you is why do you care? and why are you responding to a someone responding to a three year old post. 

[Critter-3]

Since I had a post on this thread I get notification when another post is added.  So I asked you why you were adding to the thread at this late date.  

[SweetieJean]

We question these "late" posts since the tax law can change a lot in the interim, and we want to make sure the readers know that.

[domthegreat]

Hi Everyone,

Question on S Corp profits. I am a single member LLC taxed as an S Corp. I paid myself a salary of about $100k already this year (which is a fair salary for the work I do) and I have another 50k in profits and expect to earn another 50k this year, for a total of 100k in profits and 100k as a salary. 

My question is, when can I start taking the profits out of the S Corp (not as my salary)? I would like to put that money to use and I would rather not wait until the end of the year to remove all the accumulated business profits out of the business checking into my personal. Can I just withdraw from it at anytime since I am the only owner and have already paid myself the fair salary for the year? 

[Mike9241]

any time you wish. just be careful not to take out more than your tax basis. basis is determined at year-end.