Using business debit card for food purchases on the road.

joseph1853 · Sep 1, 2021

Final Drive said: ↑

Minnow worries in a sea of whales..
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Every cent counts.

joseph1853 · Sep 1, 2021

Dino soar said: ↑

The object is to be able to keep track of your expenses.

I have an app that all of my business expenses go into. But my bank accounts are broken down that I have several but one is for business expense and one is for personal expense.

Business expense is all of the things that you can deduct. My accountant tells me never never never deduct food. Per diem yes food no.

So I buy fuel log books bungee straps 2290 whatever, all of that is set up to come out of the business account. Food anything for my personal cars etcetera etcetera that goes out of my personal account.

But really you need to have an accountant that he needs to tell you what it is that do you need to do.
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Whats the app you use?

skallagrime · Sep 1, 2021

joseph1853 said: ↑

I have an LLC. So not a sole proprietorship. I have 2 bank accounts. Both have checking and savings. One's for business under my LLC and the others for personal. Every week I transfer my pay from the business account to my personal account. When I'm at home I use my personal card. When I'm conducting business I use my business card. Every cent I spend I keep track of. My plan is to give all info/expenses to the accountant and let them figure out what goes were.
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Okay, lets assume you have a 2nd truck and driver.

Are you fine with them using the buisness card to buy food on the road? If you are, will you deduct it from their check?

Treating yourself one way and a driver another way in this is essentially embezzling from yourself, not the ideal way to run a buisness.

joseph1853 · Sep 1, 2021

skallagrime said: ↑

Okay, lets assume you have a 2nd truck and driver.

Are you fine with them using the buisness card to buy food on the road? If you are, will you deduct it from their check?

Treating yourself one way and a driver another way in this is essentially embezzling from yourself, not the ideal way to run a buisness.
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So your saying I should treat myself as an employee of my business who just happens to own the business?

skallagrime · Sep 2, 2021

joseph1853 said: ↑

So your saying I should treat myself as an employee of my business who just happens to own the business?
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Yes. That is correct

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