If I own an Inc and I use my own money to fund the expenses of the Inc. Can I file that expense on my personal taxes? If so, how do I show this expense on the Inc taxes?
If I own an Inc and I use my own money to fund the expenses of the Inc. Can I file that expense on my personal taxes? If so, how do I show this expense on the Inc taxes?
For instance, I paid for the Inc rental space which is a portion of the place that I reside in, but I only see the option to file sole proprietor expenses for home office use in Turbotax.
If I own an Inc and I use my own money to fund the expenses of the Inc. Can I file that expense on my personal taxes? If so, how do I show this expense on the Inc taxes?
Generally, when you put money (or other assets) into an incorporated business, you wouldn't report it on your personal tax return. Instead, your contributions would be tracked by the company, and then the company would reimburse you based on however your company is organized.
If you need assistance with TurboTax Business Incorporated or preparing your incorporated business tax return (T2), you can visit the Intuit Profile support site.
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