Can I pay for all the vehicle costs through the company and deduct those costs at the end of the year? I am the accountant of a small corporation run by my family. We were unable to purchase a vehicle through the company because it was established just this year.
The sole owner of an Illinois S corp contributed capital and equipment to get the business going. If he later takes back some of the capital infusions he had made to start that business, are those funds considered to be income to him and does he owe federal taxes on those funds?
We had two employees work for us for only one job. I have not paid them yet. Should I write them a check and give them a 1099 form at the end of the year, or should I pay them through payroll and send them a W2 form? They used our equipment and made less than $600.