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Level 2
posted Sep 28, 2022 10:17:42 AM

Am I able to withdraw money from my business account and transfer it to my personal account. I normally don't take a salary.

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5 Replies
Level 15
Sep 28, 2022 10:19:35 AM

Depends.  Are you filing it as self employment on Schedule C or do you file a separate business return?

Level 2
Sep 28, 2022 12:20:00 PM

I am an independent contractor.  I file a 1040-SR and include what I earn on that return.

 

 

Level 2
Sep 28, 2022 12:20:53 PM

Yes I file a Schedule C.

Level 15
Sep 28, 2022 12:25:32 PM

Then yes.  All the business accounts and income and expenses are yours personally.  The Schedule C business is a disregarded entity.  You can make deposits and pay expenses from your personal bank accounts.  It's all yours.

Level 2
Sep 28, 2022 2:24:19 PM

Thank you so much for you help.