Income & Expenses
Question: 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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Answer:
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You would include the money in your income.
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You would not write the amounts off as expenses.
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Only business related expenses can be deducted from your business income.
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It is recommended that you not mix business and personal accounts as this makes it easier to keep records.
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Page Last Reviewed or Updated: December 04, 2008