Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
sashi_hc
New Member

I own a new business. I need help setting up my personal account and paying myself a salary and/or generate W2 form (or 1099) and also transfer funds to my IRA account

 
1 Best answer

Accepted Solutions
Carl
Level 15

I own a new business. I need help setting up my personal account and paying myself a salary and/or generate W2 form (or 1099) and also transfer funds to my IRA account

You need to see a CPA. For one thing, the owner of a business such as a sole proprietorship or single member LLC can not be an employee of that business. Additionally, for tax purposes, the IRS views such a business as a disregarded entity. You need to educate yourself on this stuff BEFORE you do anything else.
This forum is for the support of the turbotax software and to assist with the interpretation of tax laws. You need to see a CPA or other professional and get educated on what is the best business arrangement for you. One major factor is that it depends on what state you're in, because not all states treat all types of businesses the same. For example, and LLC in Florida is NOT the same as an LLC in Tennessee.

View solution in original post

2 Replies
Lisa995
Level 12

I own a new business. I need help setting up my personal account and paying myself a salary and/or generate W2 form (or 1099) and also transfer funds to my IRA account

Slow down...what type of business entity did you form?   Sole proprietor?  LLC?  Corporation?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
Carl
Level 15

I own a new business. I need help setting up my personal account and paying myself a salary and/or generate W2 form (or 1099) and also transfer funds to my IRA account

You need to see a CPA. For one thing, the owner of a business such as a sole proprietorship or single member LLC can not be an employee of that business. Additionally, for tax purposes, the IRS views such a business as a disregarded entity. You need to educate yourself on this stuff BEFORE you do anything else.
This forum is for the support of the turbotax software and to assist with the interpretation of tax laws. You need to see a CPA or other professional and get educated on what is the best business arrangement for you. One major factor is that it depends on what state you're in, because not all states treat all types of businesses the same. For example, and LLC in Florida is NOT the same as an LLC in Tennessee.

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v