Question

Can I put money in business savings after it was paid into person savings all last year?

Forum|Forum|1 year ago
February 1, 2025
1 reply
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I'm an LLC filing as an S Corp, and I'm the only employee. I was having payments that people paid me go into my personal checking and savings. If I put in into a business savings account now, then will I be able to answer 'No' to the question on TurboTax asking if I took money out of the corporation during the tax year?

D

DianeW777

Yes, that would allow you to answer 'No money was taken out of the corporation during the year.' Be sure your records substantiate the information and keep it with your tax return should you need it later.

It's important to treat your company, S-Corp entity as though it is a separate individual for tax purposes.

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