What personal expenses can my business pay for
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Business Owner Pays For Expenses with PERSONAL Money - QB How To But what if you have an expense that is what personal expenses can my business pay for business and partly personal? For those taxpayers who legitimately engage in a hobby-like activity as a form of business, a business deduction is still allowable. Income Tax Most businesses must file and pay federal taxes on any income earned or received during the year. Not only will separating expenses make things easier for your accountant come tax time, but you also protect yourself by 1 keeping a spotless financial record and 2 continuing the keep-the-receipts-separate discipline that can save you so much headache down the road as your company grows. Reasonable business expenses must be reasonable There is usually no limit on how much you can deduct as long as it's not more than you actually spend and the amount is reasonable.