In Turbotax Business, under Officer Information for an S-corp, it says "Enter the following percentages" with "Time Devoted to Business," "Common Stock Owned," and "Shareholder Stock Owned." There are two s-corp shareholders. The running of the business was turned over to a general manager and a bookkeeper, so one of the shareholders is basically just a treasurer who makes deposits, files some tax forms, and approves purchases, and the other shareholder works a couple days a week doing promotions. So they are involved in the business but they work 2 to 3 days a week and they've drastically cut their pay in order to pay others to do their former jobs. One of them is involved in another business he devotes most of his time to. (I'm one of these shareholders, the treasurer). I've never had to fill this out before because our sales receipts were too low. So I'm confused about what this means - the percentage of all the hours in the year, 24 hours a day, 365 days - devoted to the business?? The percentage of time devoted to THIS business as opposed to our other jobs/businesses? What does this MEAN? We only get paid for the hours we actually work, and we don't get paid when we're on vacation and paying someone else to do our jobs for us. I know the hours we've worked but I'm confused about entering them as a "percentage." Sorry, never dealt with this before. We had a big thing at the end of the year that pushed our sales over the threshold for having to fill this out...
