On May 13, 2012 at 04:40, Mario said...
Also, and I'm not a lawyer or a tax accountant:
When you lease something to yourself, aren't you best case scenario break even?
Say you lease the car for $100/month.
Your business shows $100 going out, but don't you have to show that $100 as income on the personal side?
If that's not the case, I'm going to lease my home office to my LLC business for $2,000/mo and show $24,000 in yearly business expenses, and therefore reduce my taxable profits to almost zero.
And that is one of many reasons this country is goingbroke-