It's nice to have you here in the Community, vernon-freedomtr.
When you're on an S-Corp status, it allows your business to avoid double taxation. This is because S corp shareholders report income, gains, and losses from the corporation on individual tax returns. Since the money that comes is free of corporate tax, double taxation is avoided.
Also, I recommend you verify this with your accountant or any knowledgeable financial specialist. They can provide expert advice on how to deal with this type of situation. You can also find an accountant by clicking on this link: Find an accountant.
All you need to know about S Corp, LLC and other business entities can be found in the following articles:
Anything else you need help with can be answered here in the Community. Just let me know and I'd be happy to assist. Have a good one.
