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| Personal Finance and Forex Share tips of the trade or ask questions regarding the best way to manage your personal accounts and savings. Where should you have your funds allocated in terms of liquidity, dollar leverage (against inflation) and retirement planning. |
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Tax question - personal savings into business account?
Let's say I want to put $3000 of my personal savings into an account I opened a while ago for my LLC's checking account. I want to do this to avoid fees that the bank imposes on the business checking account if its balance is less than $3000.
How would this affect the taxes I file for my personal taxes? Is this a $3000 business expense? Is this a $3000 revenue for my business taxes? Ultimately I hope to reimburse myself in the future for this money. Of course ultimately I am going to talk to an accountant about this but I want to do my homework before I do so!!! Thanks in advance for anyone's insight.
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If you put $3,000 from your personal account to your business account, there is no tax liability for you or your business.
It is just that your capital in the business increases by $3,000. If you take the money back, your capital in the business decreases by the amount you took out.
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