Question

Can I deposit my refund into my business account? The business account name is [PII removed]

Forum|Forum|7 years ago
June 6, 2019
2 replies
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Employee

You shouldn't for two reasons: (1) You need to figure out the amount that would be considered a refund from your personal information and your business information, and (2) The personal amount being contributed should be accounted for in a different way (like writing a check as an owner contribution) so if you are ever audited the IRS cannot consider this as taxable income.

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K

Khampton210

I opened an business account. I sent my refund to my business account. I haven’t started my business yet so it’s not on my taxes I just opened it to get started. It has my business name on it but I’m the only one on the account.I’m an LLC. Will my bank reject my direct deposit

I

Irene2805

Probably. To be sure, you need to discuss this with your bank. The IRS will send the deposit in your name--the name on the return. The bank should be able to say whether the bank's computer will match this with the business name.

It would have been better to have the refund deposited in your personal account and then transfer the funds to the business account. It would have been a clearer way of showing your investment in the business.

@Khampton210