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