Last year my partner and I took $2000 out of the revenue of our mutually owned corporation and isseud it to ourselves as "profit share" to each other.
I am now doing my taxes for that corporation, and wondering if I have to declare this as a "commission" or a "dividend"? Orsomething else?
Asked on 4/12/11, 12:41 pm
1 Answer from Attorneys
Robert Luedeman
solo practitioner
Federal income tax is not my forte but a payment of $2000 should be a simple matter to expense unless there's something else going on that you don't want to tip the IRS to.
Answered on 4/13/11, 6:00 am
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