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Get your taxes done using TurboTax
If you have an S-Corp you can "pay" yourself once a year if you like but you still must file quarterly payroll returns even if you pay no wages in that quarter. Seek assistance from a local payroll company to be educated in the federal and state requirements.
If you are a sole prop or single member LLC then you simply take draws from the company account at will but you CANNOT pay yourself wages and issue yourself a W-2.
If your "business" will comprise of stock sales then you need to think long and hard about converting passive income only subject to fed & state taxes (possibly at a lower tax rate) into wages that add SE taxes to the other ordinary income taxes.
‎October 15, 2021
6:59 PM