Does An SCorp Need a "Tax" Bank Account for Profit First?

profit first Mar 06, 2022

Hi, it's Kelley Brubaker from Profit Scale Thrive with another Profit First FAQ.

The question is I have an S-corp and as an owner, I'm on payroll and I have taxes deducted from my paycheck. So do I still need a tax account?

And the answer is yes. The tax money in your tax account is used to reimburse the business owner for their payroll taxes. This reimbursement is done through a distribution.

If you have any more questions, please let me know.

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