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I own an LLC and download all transactions in Quickbooks…

I own an LLC and...
I own an LLC and download all transactions in Quickbooks everyday.
Day to day I may have personal expenses like gas, groceries, home utilities etc. that I use the business card for.
I do collect a small W2 check weekly but sometimes it's easier to use the business debit card than wait for the W2 check on the end of the weekIs it ok for me to mark those as business?
I own 100% of the business.
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Answered in 47 minutes by:
10/17/2017
PDtax
PDtax, CPA firm owner
Category: Financial Software
Satisfied Customers: 4,816
Experience: Have used almost every software package available.
Verified

Hi from Just Answer. I'm PDtax, and can assist. It's not OK to that. For a number of reasons.

Mark them as 'draw' and clean it up at year end.

For example, if you draw $5,000 in personal spending, add that amount before year end to your W-2 and it's all set. No need to do this weekly. Also don't try to treat your draws as business expenses.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.

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I also assume you are reporting your LLC income as a C corporation or an S. Otherwise, you should not be drawing a salary.

PDtax

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Customer reply replied 4 months ago
Perfect thank you for the answer ,one more questionIs there a drawback by me paying the guys with a handwritten check and not withholding taxes or 1099ing them?I understand they do not build unemployment and benefits and they understand it too but some of them prefer it that way

As long as you write checks, you can deduct the payments.

IRS wants you to issue 1099's, but the penalty is small if you don't.

Please rate to close out this request.

PDtax

PDtax
PDtax, CPA firm owner
Category: Financial Software
Satisfied Customers: 4,816
Experience: Have used almost every software package available.
Verified
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Category: Financial Software
Satisfied Customers: 4,816
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