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Hello,
Here is the article that covers that exact situation.
Hello,
Here is the article that covers that exact situation.
Thank you for the response that helps a lot !
In this instance , when we reimburse the amount to the owner through a check , is it considered as ‘taxable owners pay’ - because the expense from personal funds is a business purpose but spent from personal hence needs to be reimbursed back to the personal . It’s not really owners pay or owners investment .
In this instance , when we reimburse the amount to the owner through a check , is it considered as ‘taxable owners pay’ - because the expense from personal funds is a business purpose but spent from personal hence needs to be reimbursed back to the personal . It’s not really owners pay or owners investment .
Hi there, organmountaincar.
For tax inquiries about the reimbursement check, I'd recommend consulting with your accountant, or visit the IRS website and go to the Help section for further assistance.
I'm also adding this link for more information: Deducting Business Expenses.
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