| (disclaimer: i do not know how the laws work and my advice is just that advice which should be checked with an Accountant)
this is definatly one of those times where you should visit the accountant, As i am sure there would be quite a number of rules that need to be followed to ensure that if it comes down to being audited at anytime you have done everything by the book. This if you hire yourself into the business.
If you were to pay yourself as a contractor though then it may be easier i think. You create an invoice in your personal name just in excel using there template, then the S-Corp pays that invoice in case(take the money from the atm) or cheque or what ever you like. Then you keep records of what pay you have received and you should be able to file your tax return as normal, except you have been receiving the income as a contractor rather then an employee. you will need to pay your tax that is owing though so you should check what this might work out to based on what you think you will earn.
Either way will probably work but check with the account as they will probably be able to tell you the way that will be of most benifit to you. |