topic How should I categorize a Personal Draw from my business account? A personal expense or a business expense? in Business & farm

How should I categorize a Personal Draw from my business account? A personal expense or a business expense?

hello-e9991 — Tue, 10 Feb 2026 09:39:05 GMT

Re: How should I categorize a Personal Draw from my business account? A personal expense or a business expense?

VolvoGirl — Tue, 23 Jan 2024 17:51:14 GMT

Where? Are you using Turbo Tax or a program like Mint or Quicken? If you are filing schedule C for self employment/independent contractor then it is just a transfer from business account to a personal account. It is not an expense on your tax return.

Re: How should I categorize a Personal Draw from my business account? A personal expense or a business expense?

hello-e9991 — Tue, 23 Jan 2024 18:14:51 GMT

Hi @VolvoGirl

Thanks for the response!

Currently, I am working in QB Self Employed and reviewing transactions. I have made transfers via a check from my business account to my personal account and QB is requesting a 'Type' for the transaction: Business | Personal | Split. I do not have an option (at least that I've found) to select 'Transfer' for these transactions. Transfer is the default for Credit Card payments, but not available for these transactions.

Thanks for your insight!

Re: How should I categorize a Personal Draw from my business account? A personal expense or a business expense?

VolvoGirl — Tue, 23 Jan 2024 20:36:57 GMT

Then you need to go over to the QuickBooks forum. This is Turbo Tax. Contact QuickBooks Self Employed support
https://quickbooks.intuit.com/learn-support/en-us?product=quickbooks-self-employed

Re: How should I categorize a Personal Draw from my business account? A personal expense or a business expense?

hello-e9991 — Tue, 23 Jan 2024 20:39:02 GMT

@VolvoGirl Thank you!