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For a small busines S-Corp, what is the best way to handle personal expenses that accidentally came through a business account?
I have heard from multiple accountants that a personal expense should be classified as Distributions. However, I thought that the distribution total for the year will be taxed. Is it best to classify personal expenses as a loan from the business to the owner and the owner will pay it back as they can?
May 22, 2024
11:48 AM