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Business & farm
The "salary" (a set amount) for a partner is called a "guaranteed payment". Profits over the amount of the Guaranteed Payment are also taxed as self employment income. As Critter mentioned, it does not go on a W-2, but is part of the K-1.
A tax professional is definitely a good idea for the new business. Doing things wrong can be costly.
A tax professional is definitely a good idea for the new business. Doing things wrong can be costly.
May 31, 2019
4:51 PM