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1120s files sch c for 1120s draw, is this ok?

tpmeldon
Level 1
 
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IRonMaN
Level 15

No, the "draws" belong on a W-2 since they are payroll.  Some folks have trouble making the jump from sole proprietor to Sub S shareholder and should have just stayed as a sole proprietor.


Slava Ukraini!

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3 Comments 3
IRonMaN
Level 15

No, the "draws" belong on a W-2 since they are payroll.  Some folks have trouble making the jump from sole proprietor to Sub S shareholder and should have just stayed as a sole proprietor.


Slava Ukraini!
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Just-Lisa-Now-
Level 15
Level 15
but their barber told them they should be a corporation to save money on taxes!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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IRonMaN
Level 15
Then my advice is ------------------- get a new barber :scissors::scissors:

Slava Ukraini!
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