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O Boy, Tax income question SEXY STUFF? |
Ok, Lets say if I generated sales for my business with a total annual profit of $50,000. If I take out a paycheck once a month for $1,000 which would equal 12k, and I pay my income taxes on those checks, how will the rest of the amount be taxed or will all of this be income or can I put it all in some type of business fund for emergency's? It depends on how your business is set up. If it's a sole proprietorship, you'll show profits on a schedule C on your personal return. If it's an S-corp, any profits will flow through to your personal tax return. If it's an LLC, there are a couple options but the most common would be to show the profit on your personal return. The IRS generally expects you to pay yourself a REASONABLE salary. Is it a sole proprietorship? Did you pay social security taxes? It is a draw not a salary. In sole prop you dont pay yourself a salary. |
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