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Get your taxes done using TurboTax
The extra money which you withdrew from your business is counted as withdrawals (from the profit of the business). It is not reported on your tax return. It is included in the net income (profit) of the business on which your tax is based. So you do not issue a form 1099-MISC or claim it as a business expenses.
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‎January 29, 2020
5:06 PM