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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
Your Business...Your Family...Our Concern
Owning a business is challenging and hard work, so you’ll want to compensate yourself appropriately. How you do that depends on the structure of your business.
Draws aren't taxed when they are taken. Instead, because a sole prop is a pass-through entity, all of the business's income is taxed on the owner's tax return using Schedule C. And self-employment tatx will be calculated on Schedule SE.
Partnerships are another type of pass-through entity. Partners receive a Schedule K-1 that reports their share of the partnership's income. And partners pay income and self-employment tax on their individual tax returns similarly to sole props.
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