We are a C Corporation and expect to have a profit of $2900 this year. This is our first time with revenues and some profit. We have a carryover loss of $3000 from prior ear.
Is it advisable to deplete the balance to zero by distributing bonus for the 2 founders (only 2 employees) to avoid any possibility of a tax liability on the leftover profits.
For the Q4-2010 payroll taxes, can we make payments in 2011 (due by Jan 31, 2011) and still claim the payroll tax deduction for 2010 taxes. Or can we claim only if we incur and pay durig the same year. We are on Jan to Dec accounting.