We did not have a chance to open up a banking account until late in the year and had no profits with which to make initial start-up purchases, so all early expenses were incurred on personal credit/debit cards. Are these reported on the 1065 or on our individual 1040s? It seems to me that only expenses paid through a business card/account would be reported on a 1065 but I could be wrong. Thanks for any guidance!
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You have 2 options for reporting these expenses:
You have 2 options for reporting these expenses:
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