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Business & farm
OK ... let's get the terminology sorted out ... a "paycheck" doesn't have to be any special check or even be made using a payroll company. You can still just write a check from the business account to yourself and deposit it into a personal bank account. You may even pay estimated payments quarterly out of the personal account to cover federal & state income taxes, it should not be paid from your business account (that would then be considered a draw not a paycheck). But they cannot cover the FICA taxes. You cannot wait to file the FICA taxes on your tax return ... you will incur big penalties & headaches you don't want.
But ... what you MUST do is file payroll tax reports and pay the employer & employee FICA taxes in a timely manner. You may be able to do monthly payroll reports but you will need to see what forms your state requires of you. If you have no idea what I am talking about then get educated ... call a payroll company like ADP or a local company so you can get things set up correctly.
I highly recommend you seek professional help getting your payroll & books set up correctly so you can avoid expensive penalties & interest in the future. Since you told the IRS you wanted to be taxed as a business you need to comply with all the tax laws that entails.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/paying-yourself">https://www.irs.gov/b...>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/uac/wage-compensation-for-s-corporation-officers">https://www.irs.gov/uac/wage-c...
<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-employees-shareholders-a...>
But ... what you MUST do is file payroll tax reports and pay the employer & employee FICA taxes in a timely manner. You may be able to do monthly payroll reports but you will need to see what forms your state requires of you. If you have no idea what I am talking about then get educated ... call a payroll company like ADP or a local company so you can get things set up correctly.
I highly recommend you seek professional help getting your payroll & books set up correctly so you can avoid expensive penalties & interest in the future. Since you told the IRS you wanted to be taxed as a business you need to comply with all the tax laws that entails.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/paying-yourself">https://www.irs.gov/b...>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/uac/wage-compensation-for-s-corporation-officers">https://www.irs.gov/uac/wage-c...
<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-employees-shareholders-a...>
May 31, 2019
5:43 PM