Let's say I buy a paper shredder with my own personal money for use in my business, which is an LLC partnership. It costs $50 (I bought it before we had a business checking account, etc.)
The business didn't agree to this $50 spend-it was a personal purchase, not a company purchase. Being that it's for business use (home office) I essentially want to write it off-I want $50 to be removed from my taxable income as a 50% owner in the business. I do not want the business to reimburse me for the $50 (it was my purchase, not the company's) but I don't want the $50 included in my taxable income.
How would I log this in QBO?
I have logged personal expenses that I DO want to be reimbursed for (I did these as bills with myself as the vendor) and I have logged owners investment (an initial $750 to cover startup costs). I did this in an account I created (equity>partner's contributions>owners investment) but the paper shredder feels different. The $750 is actually an investment, to use for whatever we need it for. The $50 for a paper shredder isn't necessarily an "investment" (or is it?)
So a personal expense that I don't want the business to reimburse me for but I want reduced from my taxable income as a 50% owner in the business-where does it go?
Hopefully that made sense..I'm new, can ya tell?!
