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Paying dividends and wages in a C corp
I am in California, and I am thinking of forming a C corporation because I do not plan on making any significant amount of money and the idea of being able to put money back into the business without it being initially taxed in the form of retained earnings etc is appealing.
I know this question has been asked multiple times, but I still am having trouble understanding.
My question is:
Is it possible to reinvest ALL of my money back into the corporation without paying any initial taxes on it until wages are paid or distributed?
In other words, if I make a small amount of income, let's say $10,000, can I choose to withhold accepting a wage as an officer, if so, how would I go about doing so? Would I have to create some form of legal document similar to a deferred compensation agreement?
Or is the only option to pay myself a fair wage or dividends, then pay tax on the $10,000 minus the deductions, and then hold the excess income as retained earnings?