Question for people who run S. Corps / Partnerships

Discussion in 'Lawn Mowing' started by bilchak, Mar 1, 2001.

  1. bilchak

    bilchak LawnSite Member
    Posts: 89

    My business is officially an LLC. This lets me file my federal taxes as a partnership as my buddy and I are equal partners in the company.

    What is the best way to keep the taxes as low as possible??

    Do you guys pay yourselves a weekly salary?

    Or do you transer funds (profits) from the company to the partners, then pay personal income tax on that.

    How does self-employment tax come into play?

    Thanks for any help,

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