I own a small business s-corp with my partner, 50/50. We have not yet begun paying ourselves as employees since we don't make that much money yet. Obviously, we've filed our business taxes and each have our schedule k-1s but since we do a lot of work for the corporation can we file our personal taxes as self-employed and claim any business expenses that way to lower our tax liability? I just don't know if that is going to cause a problem. For example, if the business show operation income for me in box 1 of schedule k-1 as $10,000, that technically counts as income for me personally; but since I did do work for the business but couldn't afford to pay myself, can I file as self employed?
