s-corp with small revenue I am using the s-corp for consulting services and have used it for last two years. This year I took a full time job and expect to have no income going forward. As of now I have earned about 5K and expect no more.
1) Should I make it inactive or just do nothing and pay NJ minimum tax of $375 ? (closing may not work since may need to get back to consulting in case something goes wrong with my fulltime job)
2) Do I need to pay myself anything - there is no revenue and the 5K will help cover the running cost and taxes and other expenses. I am sure I will end up in losses even without paying myself anything.
Thanks |