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Updated about 4 years ago on . Most recent reply
LLC business account question
So I have a LLC business banking account debit card. This is my first year with it and I think I made a mistake. I was buying groceries and realized I forgot my personal debit card at home and had no other means of paying so I used the business debit card. As far a tax purposes go, can I just flag that as an error on my statement and not write it off or did I just screw myself. How bad is it?
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#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
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#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
Everyone who was waiting in the shadows to sue you will rush to the courthouse to file suit, and name both the LLC and you as an individual as you have piereced the court veil. The judge will throw the book at you, and the sheriff will kick in your door to garnish and attach all of your personal assets.
Not really....just code it as a distribution to owner in your accounting software, call it a day, and don't do it again. It helps to grab a sharpie and write on the face of the debit/credit card so it doesn't happen easily. e.g. "BIZ"