Good Morning Linda:
I am single owner that has an Scorp. Each month I pay myself reasonable salary through Payroll Service, and they deduct my Federal Income Tax and Payroll taxes and deposit taxes on my behalf. I was wondering can I do an
owners draw each month ? on top of my monthly salary.
Some one suggested that it is OK to do that. Also If I draw each month do I need to pay any taxes on it? I understand that it comes right out of my company's cash account and will lower my basis.