If I am the owner of an S corp and pay myself a salary, can I still put the compensation under compensation of officers even though the total is under $500k? Is the 1125-e only required above $500,000 but it's still okay to put my comp in that field if it's under that amount? Also, would I need to W-2 myself? I had a tax preparer do my taxes last year and he put my compensation under Cost of Goods Sold (1125-A) under cost of Labor? I am a hair salon owner. My business income is derived from doing hair services as well as collecting booth rent income. I then pay myself a set amount each month.
