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Accepted business payments into personal account

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ym-fl
New Community Member
Posted on

Hello! About a year ago I opened a business with a friend of mine. At the time we didn't bother doing our due diligence and did not open a separate business paypal account. At the beginning we were making nearly nothing, now now the money is becoming substantial enough to affect my personal taxes. We will be opening a business paypal account now, however what can we do with the money already received into my personal account? I can definitely send them to the business account however I'm wondering how all this will look when I have to do my taxes? Is there anything specific that I need to do other than sending the money out to the business account? Any help is highly appreciated!

1 REPLY 1

Accepted business payments into personal account

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PayPal_Tricia
Moderator

Hi @ym-fl

 

That's a great question! 

 

You can find details how this is reported for taxes purposes here

 

I hope this information helps!


Thanks, 
PayPal_Tricia

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