Welcome Tim. It would be very smart to talk to your acccountant.
It is less expense to pay your accountant now, that pay the irs later.
Hi Tim. Great question! I think our community will help you out. Please let us know what you end up doing !
Hey Tim. Not sure this will fall in your category, but it may help to lead you in the right direction. My wife and myself own our own cosmetic and skin care store. Our supplier sales inventory to us at 50% wholesale. When we resell, we sale at a 50% mark up. We take 40% from our total sales as our pay. Let me give you an example below:
*Products ordered from supplier, priced at: $1000.00
*Resell at: $2000.00
*Daily Sales: $2500.00
*40% deducted from $2500.00 would be our pay: $1000.00
*60% would be reinvested in inventory or supplies: $1500.00
I hope this helps.
I started a small construction bussiness registered as an S Corp, but have only now had enough income to pay myself, I don't want to pay myself as an employee to avoid work mens comp. but i don't know much about it and im not sure how to record my pay in quickbooks?