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Submitted by Linda Coleman on Wed, 2006-08-02 11:09.
Welcome to the BizTaxTalk forums!!
Post your business & tax questions here. And if you can, share your advice or experiences, too! The more the merrier! Well, maybe that's a bit optimistic when it comes to taxes, but you get the idea.
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S-corp salaries
A friend of mine told me of your web site. Thank you for all. the wealth of information I have learned from this site in one day is more than an all day seminar on s-corps. I apologise ahead of time if my questions seem simple. we have a family farm. we just became a s-corp and it has been a learning experience. It is my husband and in-laws and I who are the s-corp. we grow walnuts. my question is we are to pay a salary to each of us. we had a profit from last year of 100,000.00 we should pay a monthly salary to each of us of about 1500.00 i estimated. we are going to pay quarterly taxes on our profit i was planning on using the salary to pay the quarterly taxes. my mother in law thinks we should take a annual salary and keep it in the bank and just pay out of it. I feel that it is a flag for the irs. shouldn't you pay salaries monthly.
thank you for any advice and help you can give me. I am not a book keeper, tax consultant or farmer. My day job is advocate for the elderly and disabled. this is causing some real riffs in our family
Leslie