I opened Business checking acct funded by personal income. Put in $230 total.
No actual business revenue and I must close business and banking. Do I need to pay a self-employment tax on this money that I used to open the account?. --Since it was my personal savings, I have already paid taxes on it when I earned it years ago if I have to claim SE tax then I am paying taxes twice on the same money.
Thank you for responding. That is the way I saw it too. (Was just confirming).
My original question was to help me determine my next steps on closing different accounts. I need to put a hold/cancel on my EIN but have to get my business related taxes settled first. I have none since no earned business income. So I should be good to go ahead and close the EIN now, as well as the banking.
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