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Article Date:
August 2010


Word Count:
297

 

 

Tax Tip: Advance Account Shows That Incorporation Is Not for Everyone


If you’re not good at paperwork, the corporate form of business is probably not for you.

 

William H. Bruecher III learned that lesson by paying more than $27,000 in taxes on monies his corporation supposedly loaned to him.

 

Mr. Bruecher’s corporation did not pay him a salary; rather, the corporation paid his personal expenses, classifying the payments as advances.

 

Advance Account on Corporate Books

 

Advances handled properly do not create a tax problem.

 

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