Trade or Business

Corporate officers or shareholders: How should you treat expenses paid personally?

Business Deductions, C Corporations, Shareholder, Small Business, Small Business Tax Tips / Douglas Freeman

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you […]

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The deductibility of corporate expenses covered by officers or shareholders

Business Deductions, Corporations, Shareholder, Small Business / Douglas Freeman

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation. Deductible vs. nondeductible

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