My law firm is run as a S-Corp. I own 100% of the stock. When I entered the business income on the Sch C - I did not include distributions to myself, therefore the business income reported on my 1040 includes the distribution amounts. If I then fill out a K-1 for the distributions, it doubles my income reported, therefore also my taxes. Should I be reporting this differently? I originally did not fill out a K-1...do I need one if I am reporting the income?
