Would I be double taxed?

[Ray M.]

If I were to direct deposit money from my 9-5 job into my business bank acct. Would I be taxed on that money 2X....Once for personal and once for the business?

Also, would this violate keeping personal money/business money separate from a tax perspective?

[Linda Weygant]

I'm not sure you **can** do a paycheck direct deposit into an account that doesn't bear your name or social security number, so you might want to double check with your employer first.

Second - If you can, I would think this would be a very open and shut case of co-mingling funds.  Instead, you'll want to have your paycheck deposited to your personal account and then write a check to your company.

Please note:  If the amount you loan your company goes up over $10,000, you will have to impute interest back to yourself and declare that interest income, provided that your company is actually a separate entity and not a disregarded one.