a client has asked if home office expenses can be recorded as business expensesthis is a LTD company (three shareholders)
I know that a sole proprietorship can prorate the home expenses based on the size of your office versus the size of the house
and I've seen posts that the home-office expenses should not be recorded monthly, but that the documents (utilities, rent, etc) should be taken to the accountant at year end so that the expense(s) become part on the year-end adjusting JE - is this the best advice to the client ?
another question relates to claiming personal line of credit monthly interest, apparently the LOC was used as a shareholder loan - my thinking is that someone loaning funds to a company is entitled to be paid interest on the loan - but they are loaning funds to their own company - are they any regulations in this case ?
if there are no restrictions, would the JE be, db interest expense, cr s/h loan ?