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Self employment tax on self funded business checking acct
Solo LLC
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.
thanks
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Self employment tax on self funded business checking acct
The personal funds that the owner of the business deposited into the business account is not earned income to the business therefor is not subject to Self-Employment taxes.
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Self employment tax on self funded business checking acct
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.
thanks again
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