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Get your taxes done using TurboTax
In your example with some different facts, your K-1 would show the $6K profit and your wages paid to you would be $1K so the whole $7K is still taxable income to you.
Note: if you do pay yourself a salary make sure that the employment taxes are filed on the salary.
Note: if you do pay yourself a salary make sure that the employment taxes are filed on the salary.
‎June 6, 2019
1:17 PM