Pregunta I'm a sole proprietor and pay personal expenses out of my business bank account. Should I include the money used for personal expenses as part of my business income? Can I write these expenses off? Respuesta You would include the money used to pay personal expenses in your business income when your business earned it. You wouldn't write off these expenses as business expenses because they're not ordinary and necessary costs of carrying on your trade or business. Personal, living, or family expenses are generally not deductible. It's a good idea to keep separate business and personal accounts as this makes it easier to keep records. Información adicional Publication 334, Tax Guide for Small Business (For Individuals Who Use Schedule C) Información sobre la Publicación 583, Cómo iniciar un negocio y mantener registros (en inglés) Categoría Small business, self-employed, other business Subcategoría Income & expenses
