taxes, as president of a company, can I borrow from my company and pay the taxes on it as I pay it back?

Answer 1

I am unsure of what your question is asking.. However, your company can extend you a loan to pay the taxes on your income. However, you cannot delay the payment of income or other taxes.. You will end up being penalized and be required to pay interest.

Be careful on the borrowing of any funds from the company.. Some people get a little nervous when doing this...

Answer 2

If you borrow money from a closely-held company make sure that it passes the arms-length tests. It should have market rate interest and terms, a legally binding written agreement, etc. If it does not, the IRS will likely use "imputed interest" in calculating tax liability on both ends. They can tack on the imputed interest to your taxable income and levy tax on it. Or they could simply consider it advance wages and consider the entire loan taxable income to you.

Answer 3

As a corporate officer you are required to pay yourself a reasonable salary. If you quote, borrow money from the corporation instead of drawing a salary you will be audit bait.