- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
If your S-Corp didn't make a profit in 2022, you would not have needed to pay yourself a salary. If you did pay yourself as an employee, you would have to issue your self a W-2, so the amount you paid yourself would be taxable. It would also increase the loss for your company, which would reduce your taxable income. If that is what you did, you paid yourself with earnings that were taxed in 2021. Instead of paying yourself a salary in 2022, you could have just taken a distribution of the retained earnings from 2021, which is not a taxable event since you already paid the tax on those funds on your 2021 tax return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 6, 2023
10:49 AM