Can a business owner use company funds for personal use? In a given year, the IRS audits approximately less than 1% of returns, and they only audit three years back. The chances of getting audited are slim, but the rewards for claiming personal expenses as business expenses are high. Writing off several thousand dollars in personal expenses as business expenses saves you several thousand dollars in income tax.

There is a difference between following a tax strategy to reimburse yourself for personal expenses legally allowed by the IRS to minimize your business income taxes, vs. straight up charging a whole bunch of inappropriate personal expenses to a business account. I won’t go over the tax consequences, but I’ll explain today why I suggest following being prudent with your company financial reporting.

00:00 Low Risk, High Reward
01:40 Blatant, unjustified spending on personal expenses
05:13 Selling Your Business
06:58 Taking On Investors For Your Business

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