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posted Jun 3, 2019 10:24:33 AM

I did not take a personal income from my small business but it is showing up as personal income that I am being taxed for. How do I change this?

If I don't write a check from my business account to my personal account, am I being taxed for that money on both a business and personal level?

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1 Best answer
Level 7
Jun 3, 2019 10:24:34 AM

If you are a sole-proprietor of a small business and file a Schedule C, then any business income is considered as "personal" income.  You are only taxed once on it if you do it this way.

1 Replies
Level 7
Jun 3, 2019 10:24:34 AM

If you are a sole-proprietor of a small business and file a Schedule C, then any business income is considered as "personal" income.  You are only taxed once on it if you do it this way.