Is it Legal to Personally Buy Inventory From Your Small Business?
Is it Legal to Personally Buy Inventory From Your Small Business? Purchasing inventory from your own company has its advantages, like tax savings and free office space. However, there are also cons associated with the acquisition. It's a good idea to consider your options before making the leap. Taking the time to find out what you need to know could save you from headaches down the road. Seeking help from a qualified accountant One of the best ways to do this is by enlisting the aid of a qualified accountant. They will help you figure out what tax to take and what tax to leave. It's also a good idea to check with your local state tax department to ensure you don't end up paying more than you need to. If you are in the market for new office space, it's a good idea to find out if you can negotiate a better deal. Ways of losing money There are also many ways to lose money in your new venture, including putting your hard-earned money in the cashier's till. The most imp...