Kesyon I'm a sole proprietor and pay personal expenses out of my business bank account. Should I include the money used for personal expenses as part of my business income? Can I write these expenses off? Repons You would include the money used to pay personal expenses in your business income when your business earned it. You wouldn't write off these expenses as business expenses because they're not ordinary and necessary costs of carrying on your trade or business. Personal, living, or family expenses are generally not deductible. It's a good idea to keep separate business and personal accounts as this makes it easier to keep records. Plis enfòmasyon Publication 334, Tax Guide for Small Business (For Individuals Who Use Schedule C) Piblikasyon 583 (an anglè) Kategori Small business, self-employed, other business Sou-Kategori Income & expenses
