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Business & farm
Profits and losses from an S-Corp flow through to the shareholders individual returns and are taxed the same.
Profits from an S-Corp are not subject to SE tax, but if you are paid for consulting work, that income should be reported on a W-2 to yourself, since it is compensation for services, and not really corporate profit.
This is a big issue with the IRS if the income is significant.
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March 17, 2020
10:47 AM