ankurj
New Member

I started S-Corp with 40K loan to start it. Now the S-Corp has 8K profit that I took out as distribution. Do I pay taxes on this 8K

I started a new S-Corp with 40K as loan to the business. Now the business is profitable and I took out 8K as distribution.

I would like to offset this 8K as loan repayment. However when I file my personal taxes it is getting treated as pass thru income. What am I doing wrong here.