Are business expenses deductible if paid for with personal money?
Submitted by admin on February 20, 2010 – 12:07 pmNo Replies
A web user asks, My boyfriend and I recently started up a small home business, and being that tax season is coming we were wondering on something.
1. What percent of a tax preparer’s and accountant’s fees are tax deductible for our business?
2. The tricky part- my boyfriend (he is the business owner) would be paying for these expenses with his own personal money, not money profited from the business. Does this matter?
We are a C-Corporation as well.
Can you help them out? Post your advice!
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