How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Chad CFP ® Your Own Question
Chad CFP ®
Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 466
Experience:  Managing Director at Caros Group
98767339
Type Your Tax Question Here...
Chad CFP ® is online now
A new question is answered every 9 seconds

I have transferred money into my income tax business

Customer Question

i have transferred money into my income tax business account, can I transfer that to my personal income tax account or my bad account
JA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.
Customer: I transferred money into my business tax account and realised it should have gone into my personal tax account, now I want to transfer that back to my personal account or my bas account
JA: Is there anything else important you think the Expert should know?
Customer: No
Submitted: 4 months ago.
Category: Tax
Expert:  Chad CFP ® replied 4 months ago.

Hello, My name is***** am a Certified Financial Planning ® Professional. Welcome to JustAnswer!

I understand you accidentally placed personal funds into your business account.

You may transfer the funds to your personal account where the funds were originally intended to be placed. I recommend making the transfer out of your business account to your personal account as soon as you can. This is not a taxable event, but an honest mistake. However, you need documentation to verify you transfer the total amount back to your personal account.

With that said, keep all your receipts and keep notes of the transactions and that you deposit was an honest mistake. You never want to co-mingle your personal funds with your business funds, but in the event you do, correct the error as soon as possible and document the transactions.

I hope this answered your question. My goal is to ensure you have received the answer to your question and have no further questions.

If you do have further questions or if my answer was incomplete please let me know.

Please take a moment to rate my service. Rating my service cost you nothing, but tells JustAnswer to credit me for assisting you.

You can rate my service by using the stars, or faces on your screen and clicking submit.

I hope you feel that I provided you with 5 Star services and I look forward to working with you in the future.

Regards,

Chad CFP ® professional

Expert:  Chad CFP ® replied 4 months ago.

Hello,

Are you satisfied with the Answer you received?

If you are satisfied with the Answer, please accept the Answer and rate my service. Accepting the Answer and Rating my service cost you nothing extra, but does notify JustAnswer that I have completed my assigned work.

If you have any follow up questions please don't hesitate to Ask.

You can rate me by using the stars, or faces on your screen and clicking submit

I look forward to working with you in the future and I hope you feel that I provided you with 5 Star services

Regards,

Chad CFP ® professional