Back in early 2002 I formed my own S Corp in anticipation of starting my own consulting business. Well this never happened as quickly as I anticipated and I sort of “let it go”. Then in November I got my first contract and received a total of 10k in payments for work that I did and I had it billed to my S Corp because it seemed logical at the time. Being tight on cash I wrote myself a check from my S Corp account and deposited it into my personal account (the entire 10k) to pay off some bills! oops…I know that was bad. What is the best way to handle this for my personal taxes? do I need to claim the 10k as personal income and how does this affect my S Corp tax filing? any help is much appreciated…thanks!
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