Transfer money from your personal account to your business account and pay it

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Feb 24, 2020
10:37:25am

BYU-Ite All-American

from the business. Done.

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BYU-Ite

Bio page: BYU-Ite
Joined: Jan 9, 2002
Last login: May 3, 2024
Total posts: 8,101 (17 FO)

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Messages

Author

Time

Sole-Proprietor SEP IRA Question: Does it matter if $ comes from business

ebv

2/24/20 10:27am

It's an individual retirement account. Doesn't matter where you get the $$

byuprof

2/24/20 10:29am

Do you have an accountant and tax preparer?

Cougrrrs Roll

2/24/20 10:31am

Super helpful, bro. I just want to understand the process.

ebv

2/24/20 10:37am

OK so don't talk to an accountant or tax preparer

Cougrrrs Roll

2/24/20 9:13pm

You think I'm rude? Lol. Thanks, friend. Appreciate it.

ebv

2/25/20 6:24am

As a sole proprietor there's no difference. If you were an S-corp or C-corp it would have to come from the business acct

RdF3

2/24/20 10:35am

This is what I suspected. Thanks.

ebv

2/24/20 10:37am

Transfer money from your personal account to your business account and pay it

BYU-Ite

2/24/20 10:37am

do you have employees?

byuprof

2/24/20 10:43am

Nope. Sole-proprietor--hence the question whether the source matters.

ebv

2/24/20 10:45am

a sole proprietor can have employees.

byuprof

2/24/20 5:56pm

Great clarification, and one I wasn't necessarily thinking about. Thank you!

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