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Subject Author Date
Will there be tax deductions for my LLC business? Sir.M.Messervy 07-12-2007
Posted by Sir.M.Messervy on July 12, 2007, 7:34 pm
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 I have been thinking about starting my own home business. I
do not plan to quit my day job. The plan is to create an
LLC. It might be quite awhile before I make any money. I
just read that if you have a home business some items, home
office, business related travel and education, computers,
etc. are tax deductible.

My question is does the business have to make a certain
abount of money to qualify for this deduction? And do these
deductions still apply to an LLC?

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Posted by Arthur Kamlet on July 13, 2007, 5:18 am
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> I have been thinking about starting my own home business. I
> do not plan to quit my day job. The plan is to create an
> LLC. It might be quite awhile before I make any money. I
> just read that if you have a home business some items, home
> office, business related travel and education, computers,
> etc. are tax deductible.
>
> My question is does the business have to make a certain
> abount of money to qualify for this deduction? And do these
> deductions still apply to an LLC?

Sometimes I don't mind answering homework questions, so
here goes:

A: Maybe, and "What's an LLC?" Where in the Internal Revenue
Code is an LLC defined?

--
ArtKamlet at a o l dot c o m Columbus OH K2PZH

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Harlan Lunsford on July 15, 2007, 3:10 pm
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Arthur Kamlet wrote:

>> I have been thinking about starting my own home business. I
>> do not plan to quit my day job. The plan is to create an
>> LLC. It might be quite awhile before I make any money. I
>> just read that if you have a home business some items, home
>> office, business related travel and education, computers,
>> etc. are tax deductible.
>>
>> My question is does the business have to make a certain
>> abount of money to qualify for this deduction? And do these
>> deductions still apply to an LLC?

> Sometimes I don't mind answering homework questions, so
> here goes:
>
> A: Maybe, and "What's an LLC?" Where in the Internal Revenue
> Code is an LLC defined?

Bravo. Al

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Arthur Kamlet on July 18, 2007, 5:12 am
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> Arthur Kamlet wrote:

>>> I have been thinking about starting my own home business. I
>>> do not plan to quit my day job. The plan is to create an
>>> LLC. It might be quite awhile before I make any money. I
>>> just read that if you have a home business some items, home
>>> office, business related travel and education, computers,
>>> etc. are tax deductible.
>>>
>>> My question is does the business have to make a certain
>>> abount of money to qualify for this deduction? And do these
>>> deductions still apply to an LLC?

>> Sometimes I don't mind answering homework questions, so
>> here goes:
>>
>> A: Maybe, and "What's an LLC?" Where in the Internal Revenue
>> Code is an LLC defined?

> Bravo. Al

Harlan,

Thanks, I think.

I've often been called a lot of things, but this is a new one :^|

--
ArtKamlet at a o l dot c o m Columbus OH K2PZH

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Stuart Bronstein on July 19, 2007, 10:32 pm
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kamlet@panix.com (Arthur Kamlet) wrote:

> A: Maybe, and "What's an LLC?" Where in the Internal Revenue
> Code is an LLC defined?

The IRC doesn't define an LLC, but every state has a letter
ruling from the IRS, determining how LLC's are treated under
the IRC.

Stu

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

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