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Taking money out of your business for personal use? |
My wife and i just formed a small C cooperation business. i invested from cash from my personal account and loans from personal credit card. Is there any way to take money from the company for personal use or to pay the credit card other than setting myself and/or wife up as an employee of the company? Please advise me on how to set this up, so that it doesn't create problems with the business or personal taxes. Your CPA is going to have the best answer for you. I know you want to get your cash out of the business, but it may be better for you to break off 400-600 dollars to have a CPA start doing at least your end of year filings. They will also be able to answer these questions simply and easily. trying listing it up as petty cash expense If you set up the money you paid in to start the company as a loan to the company then the company can repay the money that you loaned to it. Yeah, my first impulse was to say that embezzelment was probably not the answer. lol. I'm not in business, but it seems to me that you provided a loan to that corp. and so are due repayments at regular intervals until it's paid. Add interest charges, and you might even make a profit from it. But check a real source first. This is just off the top of my head. You need the advice of agood tax accountant. This advice is a tax deductible business expense,can be [paid for out of the business, and will be well worth the cost. Join the EyeEarn Network, and get paid to drive your car, wear T-shirts, and more! Earn money effortlessly while you go about your day! It鈥檚 fun, easy, and no experience is necessary! |
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