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Posted by traderthompson on March 18, 2008, 4:10 am
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I'm part of a multi-partner LLC that's been in existence for several
years but had the good fortune of seeing significant gains in revenue
and profits in 2007. Expansion brought higher costs/expenses and I
was wondering if any guidelines exist about % of revenue or profits
should expenses be limited to in the field of finance and trading.
Our known expenses are currently 10.5% of reported revenue (gross
profits) to IRS and I think if we grill down and become more
aggressive and tally up additional allowable expenses we could get
2-3% more, yet these are a lot of small items and hence a tedious
imprecise process. Additionally, our dollar expenses went way up
(about 6 fold) but our % of expenses went down from 2006 (margins went
up) by 2%, could this be a problem or cause confusion? Thus is there
any guideline to the % to expense before the remaining income is
K-1'ed out?
Thanks,
TraderT
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