5 ms·
>It has to sit within the company. I don't think this is true. If you buy an ice sculpture for the office lobby, it's totally tax deductible (it's a business e
by rev_bird 10y ago
>It has to sit within the company.
I don't think this is true. If you buy an ice sculpture for the office lobby, it's totally tax deductible (it's a business expense), but you can use money for whatever you want if you take it out of the bank as a "distribution" instead of a "paycheck." In that situation, you still pay income tax on the money, but not the other taxes.
- jessaustin 10y agoIANAL, but this might still cause trouble if the firm has cashflow issues. If there's a $10k distribution one quarter, and the next quarter a $10k bill can't be paid, suddenly you're pierced.