sole proprietorship with respect to my PERSONAL books?
wilmo
wilmo79 at gmail.com
Wed Feb 13 21:56:07 EST 2013
Hi Paul,
I also have a sole proprietorship in the USA. For taxes, in accordance with
the IRS rules I pay self-employment taxes on all profit from the business
(Schedule C and associated). I go to a tax accountant annually make sure I
get this part right. For bookkeeping, I have a "withdrawal" account in the
business books (decreases equity, but doesn't affect P&L) for the and a
"distributions" income account for the income to my personal books.
The money I put into the business went into equity in the business books
(capital contribution). The equity I keep as an investment asset in my
personal books. That asset value could rise if I held earnings in the
business, but I withdraw all income into personal books.
Hope this helps,
Will
DISCLAIMER: Not an accountant. Not even on TV.
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