I'd like to start paying off my S-Corp's debt this year, but concerned the amounts paid will be passed through to my personal return as taxable income.
I'm not opposed to paying taxes on anything that is due, but concerned that showing more taxable income (on money that is not income) would increase child support payments I pay and put me in a very tight financial position.
*Once the debt is paid, the income will be used to hire an additional staff member that is really needed (I am working 60+ hours a week now to keep up)
Can someone help clarify the pass through of debit payments?
Any suggestions on tax deductions?
I'm not opposed to paying taxes on anything that is due, but concerned that showing more taxable income (on money that is not income) would increase child support payments I pay and put me in a very tight financial position.
*Once the debt is paid, the income will be used to hire an additional staff member that is really needed (I am working 60+ hours a week now to keep up)
Can someone help clarify the pass through of debit payments?
Any suggestions on tax deductions?
via Small-Business-Forum.net http://www.small-business-forum.net/accounting-taxes/9953-paying-debts-pass-through-taxable-income.html
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