When I was just starting out with my s Corp I just did everything manually, most of the federal stuff is very straightforward but depending on your state that can get more complicated. For some reason there’s a lot of accountants and CPA’s out there who fail to understand this point and think that you can pay yourself no w-2 wages if you don’t actually distribute any of the k1 income immediately (which is very wrong). Whether it’s distributed or not does not impact how the irs views it (which is as pass through income not subject to fica taxes). To clarify you’re passing reasonable salary via w-2, not k1 correct? The income that passes through on a k1 form is net income and is not subject to fica taxes. Location Specific Small Business Subreddit No Personal Attacks, Trolling, or Toxicity.You can promote your business in a relevant reply to a post or comment in other threads.
#Turbotax for s corp home and business free#
Offers of free services under the pretense of 'building your portfolio' are considered business promotion, and not permitted in posts.
Promote your business in the weekly Promote-your-business thread only. Practically all content, small business-related or not.Īllowed are links or quotes in comments and replies that are relevant to and come normally in the course of discussions. Note: You can post own experiences in the new weekly stickied or pinned share-your-experience thread.īlogspam has been defined very early in r/smallbusiness as content that maybe text articles, images, or video. NO business promotion, lead generation, rants, info-tainment, success stories or unsolicited instructional texts, treatise, or how-to's are permitted in posts. You ask a question about starting, owning, and growing a small business and the community answers.
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