Posting Draws from Taxable Business Income to Personal Account

Question

Hello,

I am new to Quicken. I am using Quicken Classic Business and Personal for my business (taxable income) and transfers/draws from my husband's business. How should I categorize "income" I receive from his business, which is taxable, but he manages it separately? I don't think I should count it as taxable because it wouldn't be taxed twice. Help appreciated.

EasyDay · Answer

https://community.quicken.com/discussion/comment/20464537#Comment_20464537

Thank you. I'll try it. So appreciate you sharing your time and expertise.

volvogirl · Answer

Well it probably will show up as income but it won’t be taxable income.   Categories are either income or an expense.   And I don’t think you would want to set it up as an Asset Account.

EasyDay · Answer

https://community.quicken.com/discussion/comment/20464525#Comment_20464525

If I understand you, if create a new category, it won't be treated as income, correct? Thank you for your time, volvogirl.