This is my first year doing our taxes for the S Corp, which has existed for 10+ years now. I was hoping to save the $600 of paying my tax guy and just use TurboTax Business.
I was wondering how the payments to ourselves (2 owners @ 50%) should get recorded? The reading I did was we should have been doing W-2 type stuff quarterly? My tax accountant never did that, we only ever got a schedule K-1 and used that on our personal returns.
We usually only pay ourselves a few grand, company is a side business that only grossed 46k last year. So I wasn't sure what I should put.
thanks for any insight!
