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Tax question... Can I withdraw money from my business account?

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  • Tax question... Can I withdraw money from my business account?

    Can I withdraw money from my business account weekly and deposit into a separate saving account for tax savings?

  • #2
    re: Tax question... Can I withdraw money from my business account?

    I wish to inform you that if you are having business as sole proprietorship then there is no difference in business and you thus all business profit is your income and you may apply tax saving as you may like. If business is in corporate form then business is separate entity and its profit can be taxed separately. In case of corporate you may withdraw money as salary and then have tax saving. Salary is an expense for business and thus it will reduce your business profit and by applying tax saving your personal tax liability may get reduced.

    AFF

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