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Level 1

Are Social Security payments categorized as income or equity?

I don't know where to put them in chart of accounts! Income or equity acts?
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Community Champion

Are Social Security payments categorized as income or equity?

If you are adding your SS retirement benefits to your business that is owner equity. Your SS is separately reported on your 1040 and may be partially taxed based on how well your other income goes. 

 

But of you must use up your retirement to keep your business afloat chances are none will be taxed

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