Can I split payouts between two bank accounts?

[thewinterfox]

Since I started my store a little over a year ago, I have yet to start paying myself. My goal was to wait a year and then start giving myself a small cut of what the business is bringing in. My plan was to transfer 10% of my weekly payout into my personal checking account. But now I'm wondering if I can just add my personal checking account to my store and have 90% transferred to the business account and 10% to my personal account, so I don't have to manually do that every week.  I didn't see a way to do this, so I thought I'd ask the community. 

[ebooksdiva]

No, you can only have one account receiving payouts. You’ll have to do the transfers from one account to the other manually. 

[mr_lincoln · Accepted solution]

Hi @thewinterfox 

No, Payouts are sent to only one bank account.  

If the 10% you are talking about is considered Payroll then you need to be reporting Local, State & Federal taxes on it when you take possession of the money.  Depending on how your business is set up you can take the 10% as a Draw but will owe taxes on it as Reportable Income at the end of the year and you may wind up having to pay quarterly tax estimates for the following year.  

You should decide HOW you want to take the 10% as "payment" and it might be a good time to speak to a CPA about the best way to set it up.

[lakefor94]

That is not possible.  You will need to just transfer the money yourself after getting paid.

[thewinterfox]

Thank you!

[mr_lincoln]

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@thewinterfox wrote:

Thank you!

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@thewinterfox   You are more than welcome.