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Updated about 7 years ago,
Newbie just opened LLC and business banking
Hi All,
got a tax question I been pondering... might be a dump dump question. so I opened a business checking and money market account. I put good chunk of my savings into it as start up capital. My question is if I decided to withdraw from it, will I be tax on any of it that i put in?? I know you pay tax on the profits you make but does money that you deposit into your business accounts consider profit?