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Income & Expenses

Question:   If I pay personal expenses out of my business bank account, should I count the money used as part of my income, or can I write these expenses off?


Answer:   
  • You would include the money in your income.
  • You would not write the amounts off as expenses.
  • Only business related expenses can be deducted from your business income.
  • It is recommended that you not mix business and personal accounts as this makes it easier to keep records.

Additional Information:

Category: Small Business/Self-Employed/Other Business

Subcategory: Income & Expenses


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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:
IRS, Tax Products Coordinating Committee
SE:W:CAR:MP:T:T:SP
1111 Constitution Avenue NW
Washington, DC 20224


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Page Last Reviewed or Updated: December 04, 2008