Form 941 or Form 944
I am filing for a EIN for my new S-Corp.
My goal is to only pay taxes once a year - but to work within the law.
I will be the only employee of the company but will not receive a salary because I unclear of how much money I will make.
If I do employee anyone, I will pay them with a 1099 form. Therefore I will not be paying SS or any type of tax on their pay.
Form 941 - File taxes 4x a year (quarterly, if my tax liability is greater than $1,000.
Form 944 - File taxes once a year - only if my tax liability will be less than $1,000. It will only be $1,000 a year if my wages are $4,000 or less a year.
If my tax liability will be $1,000 or less in 12 months - I can file a 944 Form, which will allow me to file taxes only once a year.
What if I don't take a salary at all and only take profits at the end of the year then pay taxes at the end of the year for my gains as a 1099 instead of paying corporate tax every quarter? I will definitely be making more than what these forms permit.