I have an LLC and this year is the first year of me treating it as a S Corp ahead of time to try to alleviate self employment taxes.
Last year I was also treated as an S Corp but didn't realize I had to create a payroll or proof of income to myself. I ended up having a personal 1040 with net profit of my business and my business had a 1120S.
I'm not positive if I then create a payroll for myself and write myself a W2/1099 or if the business income is still the same as my personal income. Making myself a payroll though, I would not have been taxing those deposits to myself along the way either.
Then if I'm creating a payroll for myself, when I'm applying for healthcare do I report my business income or my payroll income?
I'm a bit of a newbie, any help would be much appreciated. Thank you!
