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Deductions & credits
So are you saying this actually can count as a business expense even though it was paid for out of personal funds by this partner? We are an LLC, taxed as a partnership. The business cannot reimburse these expenses at this time. I was under the impression that would be the only way it could be counted as a legitimate business expense. What does seem a bit confusing is that we are all owners, a family business, and it would seem like we would have the right to buy something for the good of the business, and count that as an expense on our 1065, but I thought we were wrong in thinking that based on other responses I have received.
‎January 9, 2023
8:16 PM