I have a small one person S-Corp. Up to this year, it has been pretty much subsistence. I pay myself a low salary, enough to get by on, and that pretty much takes care of the "profits." There have been no distributions.
This year I did better than that. I need new computer equipment. I would like to take the same small salary, and leave the extra funds in the company to buy the equipment without it being taxed. Can I do that?
I have spent 3+ hours googling for the answer, but can find nothing but complex discussions about the various categories of retained earnings and zero answers to that simple question.
Thank you in advance.
Mike
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