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Can I declare business expenses that I paid from my personal account?

by GoodnightSweetRatRace
6 replies
In most of 2014, my fiverr account was linked to my personal PayPal account. So these Fiverr expenses were mixed with all my personal purchases. I'm guessing this doesn't matter as long as I have all the Paypal receipts?
#account #business #declare #expenses #paid #personal
  • Profile picture of the author miguegalicia28
    it is doesnt matter
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  • Profile picture of the author nikhiljoseph
    I travel a lot, never get any advance from my office. I use to spend my money forget to maintain proper bills. Even my company knows me as a poor Expense claimer. Then my company software introduced a new App called Expense App. It provided me solutions, I started noting down all my expenses with a photographic images of my bills(using my mobile). It made me to manage easily instead of keeping bills(reduced my paper work).Hope this Expense App will help you to declare the expenses made for your business. All the best. Visit-http://www.apptivo.com/
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  • Profile picture of the author ChrisBa
    Should be ok, your best bet is to speak with an accountant to confirm
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  • Profile picture of the author JohnMcCabe
    Originally Posted by GoodnightSweetRatRace View Post

    In most of 2014, my fiverr account was linked to my personal PayPal account. So these Fiverr expenses were mixed with all my personal purchases. I'm guessing this doesn't matter as long as I have all the Paypal receipts?
    Don't just keep the email receipts.

    Create a diary matching the receipts to the actual gigs, with start/finish dates, customer ID, etc. A simple spreadsheet would work for this.

    If you ever got audited, this diary along with the actual receipts should cover the bases without making the auditor comb through each receipt.

    This is similar to the documentation required in the USA if you claim automotive or travel expenses.
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  • Profile picture of the author BradVert2013
    I use Godaddy Bookkeeping. It pulls transactions from my PayPal and business checking account and organizes them into appropriate categories. Before I set up a business checking, I used my personal account, which was a pain because I had to separate personal from business expenses. If you keep good records you can often deduct your business expenses from your taxes. The extra time and effort will save you money.

    But my usual disclaimer applies: talk to a certified accountant.
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