57. What Exactly Are Owner Distributions? Don't Make This Mistake When Accounting for Them!
01/24/24 • 13 min
Ever been bewildered by owner distributions and their role in your business and personal finances? We explain why these distributions are not considered personal income, how they differ from business expenses, and the implications for your tax return. Make sure not to make the most common mistake when accounting for owner distributions! This episode will help you understand this term, why it's important, and how to properly account for it!
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Ever been bewildered by owner distributions and their role in your business and personal finances? We explain why these distributions are not considered personal income, how they differ from business expenses, and the implications for your tax return. Make sure not to make the most common mistake when accounting for owner distributions! This episode will help you understand this term, why it's important, and how to properly account for it!
Create a STAN Store - Click here to try it out!
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Shop our business guides!
Our Instagram Page
Our family page
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What Your CPA Wants You to Know - 57. What Exactly Are Owner Distributions? Don't Make This Mistake When Accounting for Them!
Transcript
Do owner distributions count as income ?
Speaker 2They do not . They're not income to you personally , but they are also not an expense to the business . As soon as the company or the business makes the profit , it's income to you personally . Whether you leave it in the business account or you transfer it to your personal account , it's already
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