Is it ok for a single share holder of an S corp to pay themselves $22,000 in payroll taxable income and take $100,000 in distributions?
Would this be entered on either the corporate or individual tax return? If so, where?
How and when is it OK for a single shareholder of an S corp to pay a majority of their living expenses, including gifts, family meals, a swimming pool, family cars and all household monthly bills from this S corp account?
I know it sounds nuts, but please let me know
Thanks
Would this be entered on either the corporate or individual tax return? If so, where?
How and when is it OK for a single shareholder of an S corp to pay a majority of their living expenses, including gifts, family meals, a swimming pool, family cars and all household monthly bills from this S corp account?
I know it sounds nuts, but please let me know
Thanks