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Deductions & credits
Why do you think money withdrawn will be taxed again? Where are you entering it? You don’t give yourself a W2 or 1099NEC form for it. The money you withdraw comes out of the Net Profit. The withdrawal is not reported on your tax return or Schedule C. You pay tax on the Net Profit.
See Schedule C instructions page C-10 for line 26, right above line 30, Do not include….amounts paid to yourself
February 4, 2025
8:09 PM