question

[jaykay]

If you have a company and you cash in and tranfer the funds to your company acct as an investment purchase for your company. You could then go out and purches some big ticket items for company purposes tax free..Please let me know if this is correct..

[Lawman33473]

If you have a company and you cash in and tranfer the funds to your company acct as an investment purchase for your company. You could then go out and purches some big ticket items for company purposes tax free..Please let me know if this is correct..

I think that someone else asked a similar question with the response, you'll still pay taxes on the cash out because the currency conversion is a 'taxable event'. You may be able to write some of the expenses off, but you'll red flag with the IRS with big ticket items if you purchase more than a couple and don't have a history of it.

Look into trusts or if you have an existing company, you could start an LLC and umbrella your company under it for some limited protections.

Good luck to us all!

[jaykay]

thanks for insight