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Drew P | Can I use my companies American Express for personal purchase if I claim as income? |
I have an American Express Business card issued in my name and my company name. I own the company and it is a s-corp. |
 |
 
iritadragon
|
Now you're getting into dicey accounting practices...I would say that the answer would be no morally and legally, but there are ways around it.
If what you are purchasing can be written off as a company expense, even if it can be said to be useful for entertaining clients, then the answer would be yes.
But if you want to spend the money on something like a tummy tuck that has absolutely no benefit to the business or as entertainment for clients (one would hope), then I suggest that you increase your salary by the amount of the purchase (you could give yourself a bonus for landing a prestigious client--this is quite standard practise), and show the money for the purchase being repaid out of your salary. But you would need to mark it on your books quite clearly, so that the IRS has a clear, concise paper trail to follow if and when you are audited. |
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SG Elite
 |
It is against companies' regulations to use corporate card for personal purchases. You may be subject to being sack. |
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montecristobynight
 |
You cannot claim it as income to you because then it would have to be accounted for as an expense to your company when it is not. This would constitute fraud and the IRS would not like this. You couldd account for it as payment by the company against your personal salary or as a personal loan. Remember, many business owners have tried to claim high percentages of their company's profits as salary income to them thereby reducing the taxable income of the corporation and reducing tax liability. The IRS will catch this.
Part two:
After rereading your question and realizing you have a sub s-corp. I began to think that perhaps there is nothing wrong with your scenario. There is no federal corporate tax for an s-corp. All income is taxed directly from the share holders. Therefore you could probably do as you ask as long as you do not book the purchase as an expense to the company. I do think you might have some state issues though such as in California. You should consult your CPA for the right answer. |
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Saved
|
If you own the company then the card is yours also so why wouldn't you be able to use it for anything you want. Just claim it like you said. I don't know anything about corporate law, but this seems reasonable. hope I'm right. As the owner of the company, don't you have some sort of cooperate advisers or a CPA? I would think they could answer this for you better than we can. |
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jim_elkins
|
Your CPA should be telling you that there is one cardinal rule when you own your own business
DO NOT MIX YOUR PERSONAL FINANCES AND BUYING WITH THOSE OF THE COMPANY.
It does not make any difference whether you are a s-corp, c-corp or LLC.
I know that at times it is tempting to use the company credit card and try to write off the purchase as a company expense - but don't do it. |
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abby fth
|
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Basic features highlights
1. 0% Introductory APR (Annual Percentage Rate) on balance transfers and cash advance checks for first 12 billing cycles.
2. Low fixed interest rates after the introductory rate has expired.
3. No annual fee.
4. Option to pay over time.
5. Emergency services such as replacement of prescription, physicians, hospitals, and referrals as well as legal referral services.
6. Extended warranty protection on purchases from scheduled outlets
7. Insurances for accident, damage and rental loss, while traveling
8. Protection against damage or theft of the card
Get all information about american express credit card at: http://www.credit-card-gallery.com/article/228,15_simply_great_features_of_Bank_Of_America_Rewards_American_Express_Card |
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