This is the most detailed video on S corp on RU-vid. However, I do have 2 questions. Let's say the company makes $100,000 after all the writeoffs. I then pay myself $40000 in salary with $60000 left. Can I keep the rest of the money in the S corp account without taking the distribution because the company may more money to buy additional equipment next year? If I don't take the distribution, is that still considered an income on my personal tax return? I am a newbie to the S corp, but no one on the internet is addressing this.
GOOD QUESTION!!! I asked the same question to another RU-vidr that have several videos about taxes and business structures and NEVER answer my question. How an LLC, C_Corp, etc can create an emergency fund and keep it in a business account to buy some important stuff or pay for whatever is needed as a separate entity, not as me the business owner? Is that possible and what taxes implication will have for the person and the company?
Thank you so much for this video! So helpful, concise and clear, I've spent hours trying to piece this together online and still didnt get all the info.
Hi, regarding sales taxes, I understand that wholesale business, Import/Export doesn't collect taxes since they don't conduct retail taxes. what are we supposed to do in those cases.?
In your example.. of the 1200 liability , the 800 minimum is due on April 15 for the first quarter then what is due on June 15 for the second quarter? 40% of what number? And, are forms 100-S and 100-ES due each quarter with payments?
