Good evening all,
I have a set up an S corporation for my computer consulting business. I have three clients and one required that I have a corporation prior to hiring me. The other two clients hired me through agencies, which employ me as an individual.
Am I correct in thinking that if I made $50000 from that one client, that on my 1120S, I can show $50000 in income and then $50000 in distribution to shareholders (i am the only shareholder) and that's pretty much it.
I will then show the $50000 on my 1040 and go on from there.
does that sound right, or am I missing something big.
Thanks, Kathryn