I have LLC, sole proprietor, provide consulting service.
Sample numbers. I collected $200K gross income and gave myself an owner's draw of $80K for the year. Is it the $80K that I enter on the business Schedule C income?
And I've been paying quarterly tax payments on the $200K. Is that incorrect, and it should be based on $80K?
A couple more unrelated questions:
* TurboTax calculated a self-employment tax. Do I need to do anything with this?
* I am divorced and get my health insurance through my ex-wife's coverage. My child support to her includes the amount associated with my portion of the premium. Is it OK for me to enter this self-employed health insurance deduction?
Many thanks!
