Small business corporation

I have an Ebay business and have transferred money from my PayPal account to my personal checking. How do I list that on my taxes?

posted

What kind of entity are you?

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Since you are a sole proprietor you would report your business income and expenses on your schedule c, which flows through to your personal return. You do not need to report the income you took out of your business on your personal return, just need to report the income and expenses on schedule. Since you are a sole proprietor, you are taxed on the money that your business earns whether or not you transfer it to your personal account, so the money you paid yourself is not an expense.

Follow the prompts and questions on Turbot Tax self-employment and you will be all set!

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