I am new to the whole business owner situation, and I have a few questions about paying myself.
I am the President/CEO of a S-Corp. There are no other officers/stockholders in this company, just me. Right now I pay myself just as any other employee. I only pay myself when I work, just like everyone else. However, being a construction based business, without contracts the hours get slow and I would like to know other ways to pay myself. The company is only a little over a year old, and I really don't want to start paying myself a salary.. as I don't know how much I should pay myself right now, I'm working more on getting the company built up. With personal obligations popping up, I was wondering if there's a way to say.. withdraw $5-10k from the business account and put in my personal account? Does that draw red flags for the IRS, or do I just let me accountant know what moneys I used to personally pay myself when she goes to do my taxes?
I'm don't really understand the whole paying myself dividends/profits.. just not sure if it's possible to take some money out of the account without it sending red flags.. or just not something I'm allowed to do.