I opened up a business in October last year and the bank account was created today and I deposited $1600. I need to use $600 for my personal expenses. I don't pay myself a salary from the company since its a new company and no revenue. Any deposits are what i deposit from personal money.
I don't have to file quarterly taxes because $0 revenue but I do 1120 every year filled with zeroes.
Now, this is a one time thing, so if i write myself a $600 check from the company, how do i show it on the books? I don't have an accountant and i don't maintain books but now i will given that everything will be on the company's name starting today.
So for now please tell me how do i show the $600 on the books?
Additionally, i just thought about it. I live with my siblings so i have to pay rent, can i pay my part of the rent from the company's account since i use my room as office space? My company's official address is in New York because a startup friend of mine was nice enough to let me have the new york address. But i live in Connecticut, so not sure how i will be able to deduct that rent expense then.