topic I own 100% of my S-corp and pay myself a salary and pay taxes in Business & farm

I own 100% of my S-corp and pay myself a salary and pay taxes

pjkincconstruction — Mon, 15 Jul 2019 15:31:28 GMT

I also take cash out thru out the year

this year I took 38,352.00 but also had to transfer back 9500.00 thru out the year to cover the unforeseen cost

where does this go on the K-1

What is it truly classified as and do I pay taxes on that money on my personal taxes

Re: I own 100% of my S-corp and pay myself a salary and pay taxes

Critter — Mon, 15 Jul 2019 16:29:09 GMT

The $9500 that you seeded back into the company is only recorded in your accounting books ... it is not income nor a deduction on the corp return. I highly recommend you seek professional assistance to set up your books correctly and get educated in keeping them and/or get a good accounting program.

Re: I own 100% of my S-corp and pay myself a salary and pay taxes

Critter — Mon, 15 Jul 2019 16:30:55 GMT

Hopefully you issued yourself a W2 and filed all the required payroll tax reports timely ... if you have not done so you are very late.