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

    tpmeldon
    Level 1
    ‎12-07-2019 02:25 AM
     
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    IRonMaN
    Level 15
    ‎12-07-2019 02:25 AM

    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
    ‎12-07-2019 02:25 AM

    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
    ‎12-07-2019 02:25 AM
    but their barber told them they should be a corporation to save money on taxes!

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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    IRonMaN
    Level 15
    ‎12-07-2019 02:25 AM
    Then my advice is ------------------- get a new barber :scissors::scissors:

    Slava Ukraini!
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