These last couple of years have been strange as we all know and I have been running payroll for myself (owner of the c corp) as well as payroll for one employee. But last year because things were slow and income reduced I did not take out much salary for myself. And after filing the W2's I think perhaps I should have paid myself a larger amount on the last payroll, but now it is too late to adjust.
Can I pay myself additionally as "officer compensation" and do this on a 1099-misc form?
Are there any other ways to do this and still file on time?
Or is it better to just take the low salary and hope it does not get flagged. Also my own personal tax return is going to be very low this year.
