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Ambiguous | I have a credit card in the company name that I use for personal use, but I separate the expenses, is that ok? |
GETTING AUDITED...
I own a Corporation, and I am the only stockholde....I use the company credit card for personal use, but I do not write the personal use off on my business taxes. I separate it out. Will the IRS penalize for this when I am audited? It's the only thing I think I have to worry about. |
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Hank Roitman, EA
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Here's the rule: "A taxpayer is responsible for correctly reporting all items of income and expense".
Thus if you correctly separate the personal expenses and do not deduct them on the corporate return you have complied.
However, think of IRS examiners as you would think of a cop: if he can arrest you he will, and then it's up to the judge to decide guilty or not.
Anytime you do bookkeeping that appears irregular you have given an auditor a reason to keep digging and that's never a good thing. Also, you might have a hard time convincing him not to keep looking and he might arbitrarily recharacterize the charges as compensation which opens a whole can of worms.
Two More Howevers:
First, since the card is not dedicated you do not get to deduct any finance charges or annual fees. Apportionment does not apply.
Second, and this has nothing to do with taxation. If one of the reasons you Incorporated was for liability protection, your personal use of the corporate card would give an opposing attorney plenty of arrows to "pierce the corporate veil." here goes the Liability protection.
Bottom line: Carry a personal card TODAY!!! |
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Mark C
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No, as long as you don't claim your personal expenses as company-related. |
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towanda
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Everyone seems to do it and it makes a mess. Easier to have two cards. . .I don't know of anyone that has been penalized, just mark the statements plainly but that's no guarantee. Who knows what the IRS will do. . . |
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Judy1
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It's legal, but not a real good idea to do it that way. You'd simplify your accounting if you get a separate card and use it only for business expenses. |
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TESTIFY
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I don't know that you will be penalized or not but just to be safe, in the future, you should not use corporate funds or credit for personal expenses. There may come a day where you may forget to separate out and differentiate between a business and personal expense, and then the real trouble will start! |
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Steven D
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If it's corporate card, it should be used for company purchases only. You are defrauding the issuing company and eventually will be caught. In order to keep your company from absorbing your personal property, you must keep it completely separate. That way if your company does fail, you can keep you private assets.
See a corporate lawyer. |
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♥ that one girl ♥
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no! my moms friend got fired for doing that! |
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Brad F
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NO, just make sure you do not claim any of your personal expenses on your taxes. It would be easier to get a separate credit card strictly for personal use though. Just remember some "personal expenses" may just be considered a "business expense" ;) |
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justme
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As long as your accounts show that you are separating personal expenses from business expenses, you should not have a problem. |
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