I pay for expenses such as insurance and sometimes the rent out of my personal account to keep the business afloat. Can these expenses be deducted on my personal taxes as opposed to the LLC tax return
2007-10-23 08:43:37 · 3 answers · asked by Scott W 1 in Business & Finance ➔ Taxes ➔ United States
As the other contributors noted you deduct all expense on your "C" if you are single member LLC.
If multimember it's more complex. You will get a K-1 after the end of the tax year. On it will be your share of income and/or loss.
If your operating agreement allows it you may claim a deduction for related expenses attributed to the LLC.
2007-10-26 10:01:36 · answer #1 · answered by daoco 4 · 0⤊ 0⤋
If it is a single person LLC, not filed as a corporation, it all goes on your 1040 anyway (Schedule C).
2007-10-23 08:55:13 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
You'd show the business expenses on your schedule C no matter which account you paid them from.
2007-10-23 12:33:46 · answer #3 · answered by Judy 7 · 0⤊ 0⤋