Originally Posted by Linkster

Sosa - I was taking draws on the company but as an LLC (my accountant tried to explain this to me LOL) you are taxed as if it were personal income.
As a S-corp you can evidently do some swapping of the money without considering it personal income and still use your normal biz expenses to offset the income. Where I messed up is that since it was being considered personal income I should have done quarterly estimated taxes - since I didnt have enough personal exemptions and deductions to offset it. If I had been paying myself as an employee of a S-Corp then I could have kept it as biz expenses and written against it