Many of our members tell us that they only want to use ITEX dollars for business expenses.
Just a thought - your personal income IS a business expense.
If you’re going to take a vacation, or go to the dentist, or get work done at your home, you pay yourself, pay the tax, and then use the funds to manage your personal expenses.
In the same way, you can use your company 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 works if you want to perk a key employee or enhance their income or incentives without using your cash flow. Allow an employee to purchase items such as dental services.
You improve your employee benefits without the insurance premium, without cash and, at a lower cost.
At the end of the day, you’re buying items without cash, and at a lower cost. This has to be good for your business!