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Business & farm
If you have a business, you should understand general accounting principals. This is important so your tax return is accurate, plus you can track your business success during the year.
Yes, you can enter the cost of the vehicle under Capital Stock.
This is not a Loan from a Shareholder, unless you deposited cash into the business account and the business purchased the vehicle. If that's the case, you need to calculate interest on the note and repay the loan plus interest out of business profits.
Yes, you can enter the cost of the vehicle under Capital Stock.
This is not a Loan from a Shareholder, unless you deposited cash into the business account and the business purchased the vehicle. If that's the case, you need to calculate interest on the note and repay the loan plus interest out of business profits.
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‎June 3, 2019
10:54 AM