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I run a small LLC/S-Corp business in which my wife and I are equal "partners" in it. I have been paying myself through payroll so I get the correct taxes taken out etc. but I am not sure if I am doing anything with the business optimally. I have been "operating" since November 2009, and have not filed any type of taxes this year other than my 940/941 forms. I have no clue what type of federal tax to file or how to set it up. I'm fine with having a CPA do it, but the two that I've spoken with really don't care to give me the time of day or offer any actual business advice since I'm small and didn't actually start making any decent money until late this year. What are my options to pay myself? I've seen things like basic salaried payroll (which I do now), owners draw, and other options and have no clue what would be best for my position and business. Any advice or any more information you guys need just let me know.
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Apr 19, 2011 19:48
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| # ¿ May 8, 2024 23:45 |
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entris posted:What type of business is it? Do you have employees that you manage? Do you produce goods or services? Does your business make use of any capital assets? It is a service based business in which I personally train athletes. I currently have two interns who I will hire on as part time employees once I figure out all the tax stuff. As far as capital assets, I'm not quite sure what those are. If those would be things like the equipment, weights, barbells, etc, that I purchased to train my athletes with then yes. Yes S-Corp my bad.
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Apr 20, 2011 18:26
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