Nico said:
When you say ‘run payroll,’ do you mean writing yourself a check or using a payroll service?
I’m planning to use a service like Gusto.
Then don’t wait until the last day. Do it at least a week before year-end.
@Nico
I was going to, but I’m unsure how much to run payroll for if I don’t know the exact profit yet.
Rory said:
@Nico
I was going to, but I’m unsure how much to run payroll for if I don’t know the exact profit yet.
It’s based on how much you’ve already taken from the business. If you’re unsure, run payroll for the total you’ve withdrawn so far.
Why do you even have an S-Corp? It might be better to dissolve it.
You could try after-the-fact payroll. As long as everything is filed and paid by January, it should be fine.
Blake said:
You could try after-the-fact payroll. As long as everything is filed and paid by January, it should be fine.
I’ve already been making estimated payments. This payroll is just to keep things organized.