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May 2, 2022
Question

Do I add the owners draw to my tax return?

  • May 2, 2022
  • 1 reply
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I am not incorporated and have taken draws from business account?

    1 reply

    TurboTaxSusan
    May 5, 2022

    No. If your business is not incorporated, and you are self-employed, then you are reporting all the income that your business makes as your personal income. You are already being taxed on the business's profits, so there is no need to report money you took for personal use.