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<p>[QUOTE=&quot;CamaroDMD, post: 1861227, member: 5233&quot;]Tim, I would be very careful with this.&nbsp; There are many different laws when it comes to running a business...and depending on what kind of business you are, there are various kinds of laws.&nbsp; My guess is you are a sole proprietorship (as I doubt you formed an entity of any kind). </p><p><br /></p><p>You need to know where the business money is.&nbsp; What you need to do is have a business bank account that is ONLY used for the business.&nbsp; The money in there belongs to the business.&nbsp; You will need to invest your own personal capitol to have some starting money.&nbsp; That investment into the business is tax deductible...because it was your personal investment into the business.&nbsp; Now, let&#039;s say you buy a $100 coin with the business.&nbsp; You have <u>already</u> written off that expense (since it came from a personal investment).&nbsp; Now, you sell that coin for $120...your profit is $20 which is taxable.&nbsp; Now, depending on how you use that $20 depends on if it is taxed. </p><p><br /></p><p>That said, purchasing personal property with business funds (which is pre-tax) is a big no-no.&nbsp; You will get caught.&nbsp; Now, some items are &quot;grey area&quot; items.&nbsp; The shredder...or even a cell phone can be used for both business and personal use, sometimes these items can be taken as a tax deduction.&nbsp; But, you will have a hard time convincing the IRS that a collectible you bought with your business funds and are making no effort to sell was a business purchase.</p><p><br /></p><p>Now, I doubt you won&#039;t respond to this...but don&#039;t try and skirt the system, it will only get you in trouble.[/QUOTE]</p><p><br /></p>

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