Showing results for 
Search instead for 
Did you mean: 

Accepted business payments into personal account

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!


Accepted business payments into personal account


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!


If this post or any other was helpful, please enrich the community by giving kudos or accepting it as a solution.

Haven't Found your Answer?

It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.