S Corp with husband expenses
My husband and i own a business filed as an s corp. he and i are The only owners with him at 49 percent and me at 51 percent. How do we transfer business income to use as personal use? How is that documented? What’s the best way to document this? For example, we took out 1000 dollars to repay a family member for an initial start up cost- since this isn’t a formal loan, it is not tax deductible, but can it still be a business expense?
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