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Finance

How do I claim cash purchases on my business taxes?

min read
Opinions expressed by Entrepreneur contributors are their own.
Purchasing large dollar equipment (over $500) will be categorized as the purchase of an asset. If the cash came from personal funds, then the offsetting entry to assets will be either a loan to the company from you or as an equity investment. The best thing to do is visit with your business tax accountant to discuss the pros/cons of both options as it relates to your specific situation.

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