Good morning Clara, does Gusto offer P&L like Quickbooks does, I'm not seeing any P&L report demo on Gusto on youtube at all. If they have anything like could you please make a video on this?
My situation currently is that the irs accepted me very late in December. I didn’t pay myself or converted owners draw to payroll. Now it’s January, what would be my best course of action now?
Very informative (and timely) video. Thank you! One question. If the owner funds the tax payment, and puts the withholding back in, what account type would that be, and what would you call that account in Quickbooks?
The cash you put back into the business would be a debit to the bank account you deposit it into and then a credit to the owners draw account. So it would decrease your owners draw out of the business.
Thanks for this explanation. If someone is paying quarterly taxes, is it ok to block paying the federal taxes? Does that block both the 'employee' contribution and the company contribution?
You can only block the federal and state income tax withholdings. You can’t block Medicare and SS and state required employment taxes. That’s the whole point of making sure you run a payroll is to make sure these taxes are paid.
As an S corp that has not made any profits or very little and have not made any owner draws do you still need to "pay yourself" ? This yr one and the plan is to be profitable next yr
Great example for this specific situation. Could you also do a post: showing how a very profitable and cash positive business, can give the Owner a Y/E Bonus to both enhance their annual income tax withholdings (in lieu of OR to enhance Qtrly Estimated Taxes payments), as well as max out their Owner's Simple IRA total year deferral. Maybe something that one's CPA should help with, depending on one's own personal tax situation.
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Good morning Clara, does Gusto offer P&L like Quickbooks does, I'm not seeing any P&L report demo on Gusto on youtube at all. If they have anything like could you please make a video on this?
Thank you Clara !
My situation currently is that the irs accepted me very late in December. I didn’t pay myself or converted owners draw to payroll. Now it’s January, what would be my best course of action now?
Same issue here. Waiting to hear back from my CPA. Did you get an answer yet from anywhere else?
Very informative (and timely) video. Thank you! One question. If the owner funds the tax payment, and puts the withholding back in, what account type would that be, and what would you call that account in Quickbooks?
The cash you put back into the business would be a debit to the bank account you deposit it into and then a credit to the owners draw account. So it would decrease your owners draw out of the business.
does the owners FICA taxes come out of the S Corp account? If yes, do we need later reclass them on the books?
Thanks for this explanation. If someone is paying quarterly taxes, is it ok to block paying the federal taxes? Does that block both the 'employee' contribution and the company contribution?
You can only block the federal and state income tax withholdings. You can’t block Medicare and SS and state required employment taxes. That’s the whole point of making sure you run a payroll is to make sure these taxes are paid.
And yes, if you’ve been making enough estimated taxes, you can block or adjust how much federal and state income taxes you want to withhold.
As an S corp that has not made any profits or very little and have not made any owner draws do you still need to "pay yourself" ? This yr one and the plan is to be profitable next yr
Great example for this specific situation. Could you also do a post: showing how a very profitable and cash positive business, can give the Owner a Y/E Bonus to both enhance their annual income tax withholdings (in lieu of OR to enhance Qtrly Estimated Taxes payments), as well as max out their Owner's Simple IRA total year deferral. Maybe something that one's CPA should help with, depending on one's own personal tax situation.
Yes, definitely consult your tax professional because they should know your specifics!