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In order to do an accountable plan, you need to be some sort of organization that could have employees. In the case of an owner or operator, somebody who runs their own company, you're going to be pretty much stuck with two choices, an S corp or a C corp.

Under state law, they're both the same, it's either going to be an LLC or a corporation, but its tax is going to be as a C corp where the corporation pays its own tax or an escort, where you elect to have it passed through.

In either one of those, you get to be the employee. Even if you're an owner, and the reason this is important is because then, these employer reimbursements are not reported.

Now, why is this important to you? Because if you're having to report it, it's going on your 1040 somewhere, and some people would say, well I used to write it off on my Schedule A, unreimbursed employee expenses.

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ABOUT TOBY MATHIS

Toby Mathis, Esq. is the bestselling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba


The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorneyclient relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. of the information contained herein without seeking professional legal advice.