ARTICLE
Michael H. H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC, was quoted on NJ.com where he discussed the process of taxes and business loans. "There is no need to treat the monies being used to start the business as loans, unless you plan on charging interest to the business, which is not necessarily the right move for tax purposes" Karu stated. He elaborated on further actions such as keep records of payments with receipts. “Reimburse whoever paid those expenses from the business and record the expenses. While many items may be de minimis, they will add up.” To read the article, please click here.