Thanks to Office Space For Rent for the content:
Whether you work for yourself or someone else, having a company credit card can be quite the temptation. There are tons of uses for it, namely having all your business related expenses in one place, which many bookkeepers and accountants can find beneficial.
However, there are things that should never be put on the company credit card and include:
1. Gambling – Legal or no, only gambling losses are deductible and a whole other can of worms.
2. Adult Entertainment – Hard to justify to your boss or the IRS as a legitimate expense.
3. Alcohol – A possibility in the right case, but if you don’t know when it is, then don’t do it.
4. Gifts – See above.
5. Cash Advance – Not only does it come with a huge price tag, there are few accountants or bookkeepers who won’t red flag this.
6. Prostitutes – It seems like a no-brainer, but there are states and countries where it’s legal. Nonetheless, accountants and bookkeepers in Houston and areas where it is/isn’t legal will take note.
To read the article in its entirety, click here.
