Single-owner employee/shareholder S-corp tax questions/advice
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I would like to have a chat on skype and have my S-corp questions answered along with tax-saving advice. You must be competent with current US tax law. I'm in the state of CO. I'm asking for 30mins-1hour of your time.
Questions include some of the following:
1) I did not pay myself a distribution in 2012. After salaries and expenses, the left over amount that carries to my K-1 is $18,000 for example. Can the business now write me the $18,000 check which is the distribution pertaining to 2012, even though I'm now in 2013, or would this be considered a distribution in 2013?
2) What is the best tax saving advice for having the company contribute to an SEP? Would it be 25% of my salary, and then on my personal taxes, also deduct up to $5,000 in my personal 401k?
3) This is an online website company that sells services. Payments are received in paypal & stripe. All is documented. All payments are transferred to the business bank account. All expenses are also via the business bank debit card or paypal so everything is already accounted for online. Therefore, I like to keep it simple and not use quickbooks. At the end of the year I go through all expenses and then put them into the appropriate expense category. Is this sufficient?
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