The tax man cometh...

[cbsmokin]

Originally Posted by macpappy

I wonder if this will apply to sole proprietor LLC's as well? Probably. I guess that means I'll have to change the way I do things and instead of paying for daily items out of my LLC account, just transfer the money into my household account and pay things through it.

Legitimate business expenses reduce your taxable income. Doing this would make you pay tax on those legitimate expenses.