How do I pay myself in my C Corp for last year?

[justsomeguy]

What is the name of your state (only U.S. law)? CA

So I'm way behind getting my taxes done. I'm a C corp, applying for an S, but don't have it yet. I finished my corporate tax return for 2011 and 2012, and I'm working on my personal. So for 2011 I made 100K (for example)

Should I list that all as wages / salary?

Should I use a Schedule C?

Should I use a 1099

Should I use a K-1?

I'm reading I should fill it out as a Schedule C , but I thought that was only for sole props?

I'd like to do it as a 1099 so all the taxes pass to me and not my company, but I don't think I'm supposed to do that?

What are my options, what is best?

Thanks!

 

[TheGeekess]

What is the name of your state (only U.S. law)? CA

So I'm way behind getting my taxes done. I'm a C corp, applying for an S, but don't have it yet. I finished my corporate tax return for 2011 and 2012, and I'm working on my personal. So for 2011 I made 100K (for example)

Should I list that all as wages / salary?

Should I use a Schedule C?

Should I use a 1099

Should I use a K-1?

I'm reading I should fill it out as a Schedule C , but I thought that was only for sole props?

I'd like to do it as a 1099 so all the taxes pass to me and not my company, but I don't think I'm supposed to do that?

What are my options, what is best?

Thanks!

These are questions to ask your accountant.

 

[davew128]

You are WAY over your head and should be seeing a tax professional who does business entity returns immediately. Your questions scream that you don't know what you're doing and could cause more harm to yourself if you don't get it straightened out yesterday.

 

[FlyingRon]

You've got a mess. I assume from your statement you have not remitted any taxes, corporate or personal but just took $100K from the corporation and spent it personally? Yeah, you'd probably need help. You've not given us any hint as to the nature of the money flowing, but I suspect that the corporation needs to pay taxes on it, treat you as an employee remitting their share of the employment taxes, and then issue a W-2 to you and you pay tax on that.

 

[LdiJ]

You've got a mess. I assume from your statement you have not remitted any taxes, corporate or personal but just took $100K from the corporation and spent it personally? Yeah, you'd probably need help. You've not given us any hint as to the nature of the money flowing, but I suspect that the corporation needs to pay taxes on it, treat you as an employee remitting their share of the employment taxes, and then issue a W-2 to you and you pay tax on that.

Slightly off. His salary would be a deduction for the corp. If he took the whole 100k as salary the corp would not be paying taxes on it.

However, his mess is huge and he needs a tax professional NOW.

 

[davew128]

I'm not even sure the money came out of the corp