"The owner draw I have been referring to is this 'reasonable salary'." Reasonable salary/compensation is what you must pay yourself as an employee of the S-Corp.
If your consulting business is making $200,000, and you have no employees, $80,000 may not be reasonable compensation.
I can't help you with TaxAct, but I can say that it sounds like you are trying to report your S-Corp on Schedule C, as if you were self-employed. If your not already, you need to be filing Form 1120-S. This requires a separate business program. For information about, and to purchase TurboTax for Business download or CD, go to: TurboTax Business You might want to seek to the advice/help of a local tax professional.
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