- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Say that I buy supplies for my business using my personal card instead of my company card. The supplies are used only for business purposes. One week later, I reimburse myself for the supplies purchased.
In the above example, should I pay taxable income on the reimbursement?
IMO: To your point, a reimbursement by definition corresponds to an expense. If it didn't have a corresponding expense, it would be an owner's distribution and not a reimbursement. So it should always have a net-zero impact on income. TurboTax's system for entering reimbursements doesn't appear to do that in my view.
‎April 6, 2019
10:38 AM