Q: if i have a small business that is an s-corp how do i pay myself? do i write my self a check or set up a wire transfer?
i know there is a dividend distribution for the s-corp but i just want to get more in depth of how i am going to pay myself , if i should open a business account and write my self a check or set up a wire transfer from my business account?
A: Generally, with an S corporation, if you are working in the business, you would have to pay yourself a reasonable salary and the balance of profits could be distributed to you as the shareholder. You should consult with a certified public accountant or tax attorney regarding your obligations with an S corporation, including the requirements regarding payment of salary and distribution of profits.
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