Business Credit Card and Checking Account question
What's up BP!
I have 2 quick questions regarding taxes and accounting. I know some of you may or may not be CPAs and I should speak to mine, but I wanted to see if anyone has an answer. I have tried getting in touch with my CPA but he has been on vacation for the last two weeks ( I guess tax season takes a lot out of you).
I recently closed on a duplex in New Jersey and will need to start purchasing materials for the rehab and wanted to see if I could charge those expenses on my business credit card. A few things to note, I will be house hacking the duplex, the duplex isn't in my name, it's in my fiancee's name, and the card was initially opened as a sole proprietorship for some property management/repair work I've done. I want her to be able to claim any deductions and losses at the end of the year. My CPA told me if her name is on the card it wouldn't be an issue, is this true? If so I'll get an employee card for her. If not should we open a joint card?
2nd question. I also have a business checking account that I used to pay that credit card. Are there any issues with us both depositing money into that account even though my name is the only one on it? I want to avoid any issues come tax time. Would it be best to just open a joint one, or add her to the account?
Thanks for any feedback.