Bad Credit Repair Discussion Forum - View Single Post - If you incorporate, can you put credit cards under your business and bypass your own credit?

Hedwig · 09-17-2007, 02:32 PM

While your business credit won't show on your personal report, you may be personally responsible, as others have pointed out.

You also need to be careful if you use your business accounts for personal expenses. You need to make sure you don't deduct any of those expenses on your income tax. If you do, the value of the purchases most likely becomes income to you or your employees individually. That amount will need to be reported on the employee's W-2 and taxes need to be withheld on that amount.

09-17-2007, 02:32 PM	#4 (permalink)
Hedwig Administrator Join Date: Nov 2004 Location: Greater DC area Posts: 7,213 Casino Cash: $1158889	While your business credit won't show on your personal report, you may be personally responsible, as others have pointed out. You also need to be careful if you use your business accounts for personal expenses. You need to make sure you don't deduct any of those expenses on your income tax. If you do, the value of the purchases most likely becomes income to you or your employees individually. That amount will need to be reported on the employee's W-2 and taxes need to be withheld on that amount. __________________ The answer is 42!!