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March 27, 2023
Question

Putting money in a business bank account SMLLC

  • March 27, 2023
  • 1 reply
  • 0 views

Good day,

I am a photographer in Colorado. I started an SMLLC and never put in any start-up costs. I made enough money selling prints online but now need to add additional funds to my business's bank account. I want to be able to purchase supplies/use it for purchasing prints to sell and be able to write off the costs at the end of the year. I am assuming the best way to do this is via business equity. Is there anything special I should do when I put money in to make sure the government does not think it's profit from my business, and would this affect tax right-offs on schedule C in any way? Thank you

1 reply

March 27, 2023

You must file a Schedule C with your individual tax return to report income and expenses. 

Please see Limited Liability Company Taxes - TurboTax Tax Tips & Videos