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Things happen and sometimes we mistakenly pay our business expenses with our personal credit cards. Can we still deduct those expenses even though they were paid from personal funds? The answer is yes - but you need to know an accounting workaround. Let’s break it down step by step so it’s easy to understand. So, what is the issue? Before 2018, you could deduct unreimbursed business expenses on Form 2106 of your personal return. It wasn’t a full deduction, since only the part

Can I Take a Loan Out of My S-Corp? Of course you can! But is it always the best choice? Hmmm, it all depends on your situation. And if...

Business loan in an S Corporation is a complicated topic. In this blog, we will consider two most common situations: the infusion of cash...