by AB-Answerbot on March 9th, 2007

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If I pay personal expenses out of my business bank account, should I count the money used as part of my income, or can I write these expenses off?

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by AB-Answerbot on March 9th, 2007
You would include the money in income and you would not write the amounts off as expenses. Only business related expenses can be deducted from your business income. It is recommended that you not mix business and personal accounts. This makes it easier to keep records.
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If I pay personal expenses out of my business bank account, should I count the money used as part of my income, or can I write these expenses off?

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If I pay personal expenses out of my business bank account, should I count the money used as part of my income, or can I write these expenses off?

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