I have business reimbursement question, I have S Corp.
3. I am only employee and I am not paying any salary to me.
My question is, should I reimburrsmess myself of
1. Total money I spent this year
2. Partial amount of money this year and rest next year, when I may have profit
3. Do not take any reimbursement right now.
What is best for business and tax perspective? Thanks.
I'm not an accountant and think you should get an accountant. So if you're willing to listen to fools like me, I shall proceed.
First you need to determine if your taxes after expenses will increase next year. If you haven't paid yourself a salary and plan to, next year may be the time to take it because employees pay 2% less payroll tax. Will that apply to you as the owner? I'd think so but that's why I have an accountant.
But you used the reimbursement. That probably shouldn't matter when you reimburse yourself as long as you have proper documentation.
But you could be missing out on applicable tax credits or other programs if you don't have up to date information which I can't offer.
Thanks a lot, I will also double check with an accountant as you suggested but this gave me a good head start.
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