It's not personal. It's business and personal.

It's not personal. It's business and personal.

Posted: 08-Aug-2017

Occasionally our members tell us they only want to use ITEX dollars for business expenses. Which is logical considering they earn ITEX dollars by providing services or products through their business. We would like to propose a different way of thinking -  Think of your personal income as a business expense.

If you take a vacation, or go to the dentist, or get work done at your home, you use the cash you have earned from your business that you paid yourself as salary, minus the tax you have already paid, and then use those funds to manage your personal expenses. 

In the same way, you can use your company's ITEX dollar balance for personal expenses. If the expense is truly personal, your accountant will add this to your personal income.  No different than if you paid yourself cash but you're taking your income in ITEX dollars that cost you less, and didn't take cash flow out of your business!

NOTE: In some instances, your accountant may decide that you can deduct the purchase as a business expense.  ITEX is meant to help your business AND/OR enhance your lifestyle. This is one of the reasons you own your own business!

And, the same thought process can be applied to provide a perk to key employee's or enhance their income or incentives without using your cash flow. Allow an employee to purchase items such as dental services using ITEX dollars.  You are improving your employee's benefits without the insurance premium, without cash and at a lower cost.

Using barter really is good for your business!