Do you file taxes separately for your business and yourself, then? As a business owner, you have to pay yourself. Does that money get taxed twice? Furthermore, how is the money you spend to finance your company taxed? similar to when you wish to fund your business account.
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Consult a tax professional. This is beyond your expertise.
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In the first year of my business, I did my own taxes and determined that I owed $4,000. After hiring a tax professional, I ended up getting $6,000 back. It’s worth hiring a tax professional.
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This is crazy.
“I’ll handle it myself to save some cash.”
“Sir, you’re holding that the wrong way.”
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I don’t file taxes; it simplifies my life.