Am I able to withdraw money from my business account and transfer it to my personal account. I normally don't take a salary.
05533
5 Replies
VolvoGirl
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?
linda820pm
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.
linda820pm
Level 2
Sep 28, 2022 12:20:53 PM
Yes I file a Schedule C.
VolvoGirl
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.