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Deductions & credits
Sure, so long as you can prove who/where/what the money was paid to/for, should not raise any eyebrows if you happen to be one of the .01% randomly chosen for audit each year.
I do however, 'HIGHLY" recommend you get a separate bank account (checking account preferable) specifically and explicitly for all business income and expenses. All income earned by the business should be deposited in full to that account, and all expenses paid by, for or on behalf of the business should be paid from that account. Mixing your business income/expenses with non-business related income/expenses can bite you. Being that it's close to the new year, it might be a good idea to start the business using it's own account effective on Jan 2, 2018, since that's the absolute soonest you could open such an account for this in 2018.
I do however, 'HIGHLY" recommend you get a separate bank account (checking account preferable) specifically and explicitly for all business income and expenses. All income earned by the business should be deposited in full to that account, and all expenses paid by, for or on behalf of the business should be paid from that account. Mixing your business income/expenses with non-business related income/expenses can bite you. Being that it's close to the new year, it might be a good idea to start the business using it's own account effective on Jan 2, 2018, since that's the absolute soonest you could open such an account for this in 2018.
‎June 5, 2019
3:23 PM