Tax return season:Responsible adult or man child?

Mook

Mr. Manager
Staff member
Admin
May 23, 2007
206,706
117,586
Elgin
Real Name
Mike
I'm officially the owner of my dads business now and since we're an s corp I was able to pull money out as distributions (tax purposes) rather than a paycheck (I still have to take a paycheck, just way less)...so I dont know how that will affect my return for 2017, never done it before. Whatever I do get back will be going towards paying down bills, either for me or the business.

Lame adult post.
 

Outlaw

TCG Elite Member
TCG Premium
Jul 24, 2009
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Johnsburg
I'm officially the owner of my dads business now and since we're an s corp I was able to pull money out as distributions (tax purposes) rather than a paycheck (I still have to take a paycheck, just way less)...so I dont know how that will affect my return for 2017, never done it before. Whatever I do get back will be going towards paying down bills, either for me or the business.

Lame adult post.

Hey same-ish. $20,000/yr salary ballin.

But I was W-2'd at my last job up until two weeks ago, so, I'll get a decent return. Probably pay for the deck my house desperately needs for house party purposes.
 

jason05gt

TCG Elite Member
Jan 17, 2007
15,307
7,195
Naperville
Here's adult for ya, Whatever my wife wants. No bills to pay off so maybe new floors for the house. My play money is my year end bonus. Usually comes about the same time. Thats motorcycle parts, gun and tool money.

That's mine too. I didn't get much from the IRS or State last year and in 2015 I owed a large sum and had to write the Treasury a check. There's something sleazy about having to write a check to the Government.

I typically use my bonus to max out my yearly IRA contribution and the rest into saving. Pretty boring stuff!
 

Mike K

TCG Elite Member
Apr 11, 2008
13,214
2,586
I'm officially the owner of my dads business now and since we're an s corp I was able to pull money out as distributions (tax purposes) rather than a paycheck (I still have to take a paycheck, just way less)...so I dont know how that will affect my return for 2017, never done it before. Whatever I do get back will be going towards paying down bills, either for me or the business.

Lame adult post.

That will affect you nicely. Make sure you check out the tax changes for 2018. You'll be able to write off a fifth of your S corp income. :trump:
 
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