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    2 Replies Latest reply on Mar 25, 2010 1:07 PM by dogooder

    S Corp - never paid myself a salary, I'm a Realtor...

    amycp1 Newbie
      I'm a Realtor...needless to say haven't made much money, especially in 2009. How can I pay myself a salary when I don't even know if I'll have any money to pay myself? I certainly don't get paid on a regular basis with commission so how do I decide how much to pay myself?

      Doing my return for 2009 and didn't pay any salary or anything...just transferred money to myself as needed. Only made $33k and barely getting by this past year.

      As you can tell, am very confused and can't afford to have an accountant do my taxes. Thanks.
        • Re: S Corp - never paid myself a salary, I'm a Realtor...
          bm911tax Adventurer
          Well, you have a big challenge. Was the 33K that you transferred a return of capital? If not, I suggest to sit down with a tax advisor and fix this ASAP. IRS will come after you and impose huge fines for taking the money out of S corp and not paying yourself a salary as you should have done. And if you can't afford accountant you shouldn't be in business. If you get audited the fines that you will owe to the IRS and State for not doing it correctly will SURPASS the fees that you would have paid to the accountant. You see where I am going with this...
          • Re: S Corp - never paid myself a salary, I'm a Realtor...
            Newbie
            You should set up business payroll through bank of america. Its about $21 dollars a month. They can pay the quartely taxes, social security as well as you local state taxes out of each pay check that you create for your self. You can decide how often to pay yourself and it automaticly calculates the taxes and notify you when to pay them. This will also create a w-2 at the end of each year. You can create a check and pay your self on commision since you dont have a regular per hour job. Its very convienent. After a while you can take over and do it your self once you get the hang of it or just let them do that for you. They may able to help you set up a w-2 for last year and get up started going forward.