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Get your taxes done using TurboTax
it's not that you "can" pay yourself a salary. The IRS insists on it. I suggest before year-end you consult with a tax pro. "Reasonable" is nowhere defined in the Code. It's more a result of court cases and depending on where the business is and what you do "reasonable" can vary substantially. the pro should also prepare the first-year return so you get an idea of what's needed as to record keeping and filing requirements other than payroll tax returns such as sales tax. maybe you need workman's compensation insurance Mess up the first year and it then becomes expensive to fix.
‎August 16, 2020
11:19 AM