Yes, you are allowed to reduce or suspend payroll in this situation. However, you need to be extremely cautious about doing so.
As ThomasM125 states you are required to pay yourself a reasonable salary on Form W-2, for the work you are doing. Click here to learn more about reasonable compensation.
The IRS monitors this year by year. If you have a profit and don't pay yourself any salary, you are more likely to get audited, especially if you make distributions to yourself. If that happens, the "penalty" is that the IRS will decide your reasonable salary for you and then you will have to pay the payroll taxes on the amount they deem is wages, as well as penalties and interest for not doing so in the first place.
Penalties for not paying your payroll taxes vary from 2 to 15% of the tax owed. Penalties for not filing your payroll tax forms range from 5 to 15% of the tax owed. Click here to learn more about penalties and interest.
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