Tax questions

In short, YOU are taxed on Adjusted Gross Income. (after all expenses, etc are taken out). Depending on how your business is set up, you may be paying business taxes as well (after expenses are taken out).

 

I hope you set aside 35% of what you took out of your draws for personal income, you did, right?

 

Ouch.

 

You need to sit down with a tax preparer BEFORE you dig yourself into a tax liability hole.

 

There is really no way anyone can teach you how to do your taxes on a forum such as this one. Take your paperwork (w2s, etc) to an accountant. Let that person do your taxes this year. Then you'll be able to see for yourself how it's done.