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Business & farm
Are you very sure you are a C-corp and not an S-corp (which is more common) ?
Do you need to make the S-corp election yet ?
A C-corp pays it's own taxes and issues you a W-2 for the wages if you work for the company and will issue you a 1099-DIV for any dividends they are passing thru to you.
An S-corp on the other hand will pass thru the profits to you on a K-1 form AND you are required to take a wage and report it on a W-2.
You really really need to talk to a local person to be educated on what you have, what you need and the rules and requirements for your entity. Starting off on the wrong foot can cost you dearly later in penalties and interest charges.
‎October 29, 2019
7:27 PM