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Article Date:
August 2010

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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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