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When you transfer money between a business account checking and savings are both transactions considered a transfer or is one considered a a transfer and the other a deposit?

 
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Best answer July 13, 2020

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When you transfer money between a business account checking and savings are both transactions considered a transfer or is one considered a a transfer and the other a deposit?

Hello texasfoodie,

 

Yes, you'll categorize the transactions as Transfer if you're moving funds from your business to personal account or vise versa. They will be excluded from estimated taxes calculation. You can use these links for reference:

Let us know if you need anything else. Have a great day!

View solution in original post

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Highlighted
Moderator

When you transfer money between a business account checking and savings are both transactions considered a transfer or is one considered a a transfer and the other a deposit?

Hello texasfoodie,

 

Yes, you'll categorize the transactions as Transfer if you're moving funds from your business to personal account or vise versa. They will be excluded from estimated taxes calculation. You can use these links for reference:

Let us know if you need anything else. Have a great day!

View solution in original post

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