There are 3 owners with money given to them without taxes taken out this year. I put the money into Owner's Distribution Account in the Owner's Equity section of the Balance Sheet. What do I do with these accounts at the end of the year?

Canseco Company Beginning of 2007 End of 2007 Direct materials inventory $22,000 $26,000 Work-in-process inventory 21,000 20,000 Finished goods inventory 18,000 23,000 Purchases of direct materials 75,000 Direct manufacturing labor 25,000 Indirect...

If I take a 401k distribution in January 2010 can I claim it as income on my 2009 tax return?

I have a small fitness business that is incorporated as an S Corp. Using round numbers for simplicity, I paid $100,000 for the business, of which $50,000 was considered equipment cost (All of the exercise equipment, treadmills, etc). I am depreciating the equipment cost over 5 years, which is a...