Owner W/D's Sched C

[rfk]

Money that is taken out of a Sole Prop's business is considered Owner W/D's. Where is this entered on the Sched C because, not only is it reflected in the person's bank statement, but should also be deducted as a withdrawl on the Sched.

Please help.

Thank you.

Ray

[OldJack]

Withdrawals do not show on the 1040 Sch-C as only income and expenses (profit & Loss statement) are accounted for on the Sch-C. The Bank account and other assets, liabilities, capital, and withdrawals are balance sheet items not reported on Sch-C. Withdrawals are not taxable for a sole-Prop.

[rfk]

Thank you Old Jack.

Ray