- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Best way to get money out of business checking account and into personal
Posted on 11/25/13 at 9:30 pm
Posted on 11/25/13 at 9:30 pm
I need to transfer some money from a business account to my personal account and I'd like to do it before December 31st for tax purposes. I pay myself a salary, but apparently not enough. I'm looking to take about 30K out and trying to figure out the best way to do it. I could do a bonus and pay FICA and social security on it. Or do a dividend. Any opinions on which would be a better option for tax purposes for both myself and my business.
It is a C Corp fwiw and I do one tax return for my business and a separate one for my personal return.
It is a C Corp fwiw and I do one tax return for my business and a separate one for my personal return.
7
Posted on 11/25/13 at 9:40 pm to BullredsRus
Is it a permanent transfer? If not, how about setting up a loan from your C to you?
Posted on 11/25/13 at 9:52 pm to Meauxjeaux
I was thinking permanent. I didn't think about a loan though. What are the stipulations on loans from my company to myself? Is there a set time frame that I have to pay it back? What if I hypothetically didn't pay it back and the business either closed or was sold in the next 5 years or so?
Posted on 11/25/13 at 9:56 pm to BullredsRus
I think you should probably meet with your CPA
Posted on 11/25/13 at 10:10 pm to BullredsRus
quote:
I need to transfer some money from a business account to my personal account and I'd like to do it before December 31st for tax purposes. I pay myself a salary, but apparently not enough. I'm looking to take about 30K out and trying to figure out the best way to do it. I could do a bonus and pay FICA and social security on it. Or do a dividend. Any opinions on which would be a better option for tax purposes for both myself and my business.
It is a C Corp fwiw and I do one tax return for my business and a separate one for my personal return.
Get with your CPA.
You need to see exactly what you can put on your business as far as expenses go. I do a number of things but don't want to steer you the wrong way as your situation may be different than mine.
Posted on 11/25/13 at 11:02 pm to boosiebadazz
quote:
I think you should probably meet with your CPA
This, or talk with Poodle, he gives enough free advice as it is and deserves a paying client from this board.
Posted on 11/25/13 at 11:22 pm to BullredsRus
can you do a distribution?
Posted on 11/26/13 at 6:09 am to TH03
Your CPA will tell you to write yourself a distribution check.
Posted on 11/26/13 at 9:26 am to BullredsRus
Nearly impossible to give any advice without knowing what tax brackets you would fall in.
If you have an accountant/CPA, I hope you do, then you should ask them, that's why you pay them.
If you have an accountant/CPA, I hope you do, then you should ask them, that's why you pay them.
This post was edited on 11/26/13 at 9:30 am
Posted on 11/26/13 at 12:33 pm to BullredsRus
The answer depends on the facts and circumstances involved. How much income will the corporation report? Does the corporation have accumulated earnings and profits? What is your income tax bracket? What sort of benefit plans do you have? What do you expect will happen in 2014 for the corporation and you personally? The answers to the above questions will influence any recommendation.
Posted on 11/26/13 at 12:53 pm to boosiebadazz
quote:
I think you should probably meet with your CPA
I often agree with Boosie.
Posted on 11/26/13 at 1:18 pm to BullredsRus
Interest free loan with cash accounting rules (not accrual).
Posted on 11/26/13 at 1:47 pm to HoustonGumbeauxGuy
Talk to your CPA or Poodlebrain for guidance.
Posted on 11/26/13 at 2:43 pm to BullredsRus
Distribution check. But it depends on the company financials of this year.
Posted on 11/26/13 at 2:50 pm to Poodlebrain
quote:
The answer depends on the facts and circumstances involved. How much income will the corporation report? Does the corporation have accumulated earnings and profits? What is your income tax bracket? What sort of benefit plans do you have? What do you expect will happen in 2014 for the corporation and you personally? The answers to the above questions will influence any recommendation.
Poodlebrain is correct.
Meet with your CPA ASAP or contact Poodlebrain if your CPA gives you a different answer.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News