Ask Experts Questions for FREE Help !
Ask
    mike owens's Avatar
    mike owens Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 2, 2008, 02:16 PM
    Business expense
    I just opened a checking account for my new business. I won't have the check card/debit card for about 10 days. I need software for my business and Comp USA is going out of business and has some great sales. They are not accepting checks, and they have only one copy of the software I need. Can I withdraw cash from my business account, buy the software and use the receipt as proof for the expense? If I wait till I get the debit card, the lone copy of the software might be gone.
    Sand Daddy's Avatar
    Sand Daddy Posts: 95, Reputation: 14
    Junior Member
     
    #2

    Feb 2, 2008, 02:31 PM
    If you save your receipt, yes. Be sure to have the bank note the transaction.
    Helpman's Avatar
    Helpman Posts: 39, Reputation: 2
    Junior Member
     
    #3

    Feb 3, 2008, 07:09 PM
    Yes, Sand Daddy is right

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

1099-Misc for non business related expense [ 9 Answers ]

:mad: This year I paid a contractor to build a deck for me. Long story short... he didn't I sued, I won, he lost, he left town. So, I have a $5000 judgment which is worthless but I want to get him. I would like to send him a 1099-Misc for the $3100 I paid him, wait a year, contact the IRS and...

Are products purchased for Product Reviews considered a business expense? [ 1 Answers ]

I own an LLC that creates websites. I want to create a site that does product reviews. Can I write off the products I review (tech equipment, game consoles, purses, etc) as business expense?

Claiming business expense deductions as an independent contractor [ 1 Answers ]

Hi everyone, I am a non resident alien on an F1 visa. I received a 1099 Misc form from my former employer as I was an independent contractor. While filing my taxes on CINTAX, there was an options asking me to list business expenses. Since I live in NJ and commute by train to NYC for work, I want...

Business expense deduction [ 1 Answers ]

There are genuine business expenses, and business could not be started due to legal problems. The business is under single member LLC, and so, schedule C needs to be attached with 1040. Can expenses under this circumstance be claimed as Schedule C loss ? Can they be written off as investment loss...

Moving Expense and Traveller Expense [ 1 Answers ]

Brief History: I came to US on F1 in 2001 and graduated in 2003. I have been employed from October, 2003 on my OPT and my H1 started in May, 2004. I changed my employer in 2004 and in 2005 I had to leave the country to be with my family in my home country. I was out of the country from April 2005...


View more questions Search