2007-01-23 10:43:40 · 3 answers · asked by disgruntled1107 1 in Business & Finance ➔ Small Business
Instead of posting a question on yahoo...you should be contacting your lawyer or a tax guru!! Seriously, it depends on how small you are talking and of course if you own the business outright. If it is your business and you own it alone I am sure you can find some loopholes to write off these "personal" expenses as business expenses...although I am not sure how successful you could possibly be if you continue to do this!
2007-01-23 10:48:50 · answer #1 · answered by chick33 3 · 0⤊ 0⤋
It depends on the structure of the business. If it is a corporation, with stockholders, the owner is breaking the law. If the business is organized as a sole proprietorship, the owner can do whatever he wants.
2007-01-23 10:49:44 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋
If you are spending profits then that is at your discretion. However, if you spending the money on personal expenses and them claiming them as business expenses could get you in trouble with the IRS.
2007-01-23 10:48:32 · answer #3 · answered by miztiffany 3 · 0⤊ 0⤋