Question
My company is LLC. I started contributing retirement fund for myself, TIAA,. Do I need to set up and withdraw it from my business account? Or a personal account?
Which account shall I use to contribute to my TIAA?
Personal or business?
1, Personal?? After receiving an owner's draw in my personal account, shall I contribute it from my personal account?
And then when I file a joint tax with my husband once a year, do I need to claim that I contribute $$$$ for 2024?
OR
2, Bussiness?? The contribution should be withdrawn from the business account? If so, what kind of category would it be?
Other question
3, I have used the owner's draw' for my daily expenses in the "income" category.
Do I use the right category" Income"?
Your help would be highly appreciated.
Personal or business?
1, Personal?? After receiving an owner's draw in my personal account, shall I contribute it from my personal account?
And then when I file a joint tax with my husband once a year, do I need to claim that I contribute $$$$ for 2024?
OR
2, Bussiness?? The contribution should be withdrawn from the business account? If so, what kind of category would it be?
Other question
3, I have used the owner's draw' for my daily expenses in the "income" category.
Do I use the right category" Income"?
Your help would be highly appreciated.
