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Business & farm
If you are a sole proprietor reporting your income on schedule C, then there is no real difference between "you" and "the business." While it is very helpful for many reasons to have separate bank accounts, the ultimate truth is that all the money is yours. You pay tax on your business income (profit) regardless of whether you leave it in the business account or move it to a personal account to spend it.
(This situation may be different if you are a multi-member LLC or S-corp filing a corporate tax return, but I am not an expert on those situations.)
‎December 10, 2020
1:07 PM