I live in the U.S. I am self-employed (I have my own s-corp, and I am the only employee). For part of this year I had no work/no income. I am unable to collect unemployment benefits because I am the owner of the company.
In any case...
I did find work eventually. However, I was unable to pay myself AND pay taxes. I wrote myself checks in order to pay personal bills -- but I never entered anything into my accounting system (QuickBooks). In fact, I haven't really done any accounting this year.
I made ZERO quarterly payments for payroll and withholding.
I am now in a position that I MAY be able to pay all the taxes that I owe.
What is the best approach for me to take? Do I enter all my checks as "loans" to myself, and now finally I pay back the loans and pay myself a fat payroll check? Or should I instead simply enter a fake date for all the checks for the past many months as today's date?
Any suggestions?
I'm not trying to get out of paying taxes--I simply couldn't afford to pay them. Now I'm looking for the best way to get back on track.
Thanks in advance!
In any case...
I did find work eventually. However, I was unable to pay myself AND pay taxes. I wrote myself checks in order to pay personal bills -- but I never entered anything into my accounting system (QuickBooks). In fact, I haven't really done any accounting this year.
I made ZERO quarterly payments for payroll and withholding.
I am now in a position that I MAY be able to pay all the taxes that I owe.
What is the best approach for me to take? Do I enter all my checks as "loans" to myself, and now finally I pay back the loans and pay myself a fat payroll check? Or should I instead simply enter a fake date for all the checks for the past many months as today's date?
Any suggestions?
I'm not trying to get out of paying taxes--I simply couldn't afford to pay them. Now I'm looking for the best way to get back on track.
Thanks in advance!