Is it wise to use your S-corp profit to pay off your mortgage?
My boss currently has an s-corp. He bought his house in 2003 and he still owes $ 145K of it. He wants to use his s-corp money as a loan to pay off the mortgage loan then he wants to pay the same monthly payment back to the s-corp until the money is paid completely just so he can avoid the interest rates. Is this wise to do? Or, could it be illegal? Please advise, I am really curious.