Withdrawing money from business checking account

Hi linda820pm, 

Hope you are doing well. If I may ask, what type of entity is your business? Sole proprietor, Partnership, Corporation Regular or C, Limited Liability Company? 

LLC.  I am an independent contractor working from home.

Thank you for answering that question. In your case, you would not be able to pay yourself a salary, but you can take owner's draws from your business to your personal account for your personal expenses. The limit? You can take up to 100% of your profits and equity, but you have to be careful you leave enough money for the operations of the business. 

Hope this helps answer your question. 

Cheers,

Laura 

Thank you so much for your thorough answer.  I appreciate your help very much.

So, should I write myself a check and write "draw" on the lower part of the check where it says memo?

Sorry I thought this was a different question.

Thank you, but as income I earned, why don't I have to report it on my income tax?  Or do you mean I don't have to report I took a "draw" on my income tax?  Thank you.

In your other question you said you file your LLC on Schedule C?  You don't report the draw on your tax return.  It is not a business expense.  It's all your personal money.  You just fill out Schedule C.  The Net Profit or Loss gets reported.