This content has been marked as final. Show 2 replies
oak1964 have you resolved your issue yet? I just wanted to help clarify a few things. Make sure you check your business registration filings because for tax reporting purposes, either you're an LLC or an S Corp, not both. Now, BOTH do get reported on your personal tax return unders Schedule C, But if you're an S Corp, you'll still need to file a Corporate Tax Return - Form 1120-S. You report all income and expenses for a solely-owned LLC on your 1040 under Schedule C. If it were a partnership, only then would you need to file a separate corporate return.
For bookkeeping and tax tips, visit www.outsourcedbookkeeping.info - the blog for small and home based business owners.
S-corp paid owner
Who r u?? Go to Members page and share some info.
Do you have an Accountant??
Go to original post
Reply to original post
I have an LLC that is taxed as an s-corp. I am the sole owner and employee. I paid myself a reasonable salary, but instead of withholding taxes at the company level and sending them to tax authorities under my company EIN, I sent them as estimated SE taxes under my own SSN. This all took place in 2009 and I am now preparing taxes. Is it okay to pay myself as a 1099 contractor as a fix, or should I report the salary as wages (presumably incurring a penalty for not withholding anything at the company level even though I withheld at the individual level)? I did not file any 941s in 2009.