The limited liability company (LLC) is a business entity that offers limited liability protection and pass-through taxation.
The LLC allows for pass-through taxation, its income is not taxed at the entity level; however, a tax return for the LLC must be completed and filed. Just like the corporations, the LLC legally exists as a separate entity from its members and typically can not be held personally responsible for the debts and liabilities of the LLC.
Professional LLC is structured just like an LLC except it is designed for licensed professionals like doctors, lawyers, real estate brokers, dentists, chiropractors and others who operate under a license authority. Some states require that Real Estate Brokers file as a Professional LLC as apposed to an LLC.
The PLLC offers personal protection from business liability, shielding your business liabilities from your personal assets. We believe everyone should be able to form a new business or prepare their own Will, Trust, Power of Attorney, Living Will or other important documents without paying expensive Attorney Fees.
Question: I am the owner of a single-member LLC and would like to know what I can write off on my taxes this year.
An LLC is unique in that it can be taxed as a disregarded entity, partnership, C Corp or an S Corp.


Like businesses structured as sole proprietorships, partnerships, C corps, S corps, and similarly taxed LLCs can generally deduct business expenses provided they are connected with or pertain to the business and are both ordinary and necessary.
While business expenses vary somewhat depending on the business operations, structure, and accounting method under IRS rules, a business, including a small or home-based business, can generally deduct business expenses provided they are connected with or pertain to the business and are both ordinary and necessary. If you are uncertain about what types of business expenses your LLC may be entitled to deduct after reviewing the above information, we suggest that you review your particular business operations with a local accountant or CPA who can help you identify and maximize your allowable business expense deductions.
This site only provides Free Legal Documents and Robots to Instantly Prepare and Email them. However, because business expense deductions can vary somewhat depending on the business operations, and LLCs can house a wide variety of business operations, there is no comprehensive list of business expense deductions applicable to every conceivable LLC.
According to IRS guidelines, “an ordinary expense is one that is common and accepted in your trade or business. In addition to 12 years consulting small business owners, Billa€™s professional career includes a big-eight CPA accounting firm, national consumer finance, big-three automotive manufacturing, Arbya€™s fast food, marketing, and other industries.
Regardless of how their business is structured, business owners need to develop an understanding of the various types of deductible business expenses and the rules for their deductibility and then determine which expenses apply to their particular business operations. Hea€™s held multiple executive-level positions and fulfilled the role of CFO at large, publicly held (NYSE, NASDAQ, and AMEX) corporations.


Unless an LLC elects corporate tax classification by filing Federal Form 8832 (C Corp) or Federal Form 2553 (S Corp) with the IRS when it is formed, a single member or owner LLC is taxed as a disregarded entity and a multiple member or owner LLC is taxed as a partnership.
This can be done by reviewing IRS and related business expense deduction information, like that provided below, and then consulting with a local tax advisor when uncertain about the tax deductibility of certain expenses.
In addition, hea€™s been an owner of private ventures involving residential real estate development and a General Motors new car dealership. An LLC taxed as a disregarded entity is taxed as a sole proprietorship when the LLC is engaged in active trade or business activities. When the sale or production of merchandise is a material income producing factor in the business, inventories must be maintained and the inventory costs capitalized and deducted as Costs of Goods Sold.
Also, certain business start-up expenses must be capitalized, but can be deducted over time through amortization deductions.



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