Hi Everyone,
Question on S Corp profits. I am a single member LLC taxed as an S Corp. I paid myself a salary of about $100k already this year (which is a fair salary for the work I do) and I have another 50k in profits and expect to earn another 50k this year, for a total of 100k in profits and 100k as a salary.
My question is, when can I start taking the profits out of the S Corp (not as my salary)? I would like to put that money to use and I would rather not wait until the end of the year to remove all the accumulated business profits out of the business checking into my personal. Can I just withdraw from it at anytime since I am the only owner and have already paid myself the fair salary for the year?
