December 2022
Intermediate to advanced
608 pages
21h 38m
English
Content preview from J.K. Lasser's Small Business Taxes 2023
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CHAPTER 25Distributions from Your Business
Let's face it. One of the main reasons you're in business is to be able to get something monetary out of it. From a tax perspective, distributions to you from your business may or may not be taxable, and if taxable, handled in various ways. It depends on the type of your business entity and other factors. Some of the rules for distributions are very complicated. The following is merely an overview of the tax treatment of distributions.
Distributions from a Sole Proprietorship
As a sole proprietor, you pay tax on net income from the business, regardless of whether it's distributed to you. When you take money from your business bank account, it isn't taxable to you.
Distributions from a Partnership
As in the case of a sole proprietorship, you pay tax on your share of net income from the partnership, whether or not it's distributed to you. In determining whether or to what extent a distribution is taxable to you, keep both your inside basis and outside basis in mind (explained ...
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