367: Paying Yourself Before Year-end: S-Corps and LLCs
Main Street Business
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The Myth of the Year End Taxes
You have a lot of opportunity in january, february, march and into next year to dig up expenseso may have incurred during the year. What you're taxed on is the income after all your expenses, that's what's going to show up on your taxes. Don't fall into the myth of wys. Will leave it in the business bank account. I ain't working. Ah, of course, you won't have your books in order, so you can determine what's the net income that you're going to end up paying in self employment tax and income tax on.
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