411 about LLC | Imamother

amother

Brown

Wed, Dec 16 2015, 8:10 pm

I recently opened up my own business as a LLC for consulting type of work...not a business of selling goods rather offering therapy type services.

I just want to clarify-I'm NOT asking legal advice-I have my accountant for that.

Just wondering since I'm new to this what type of expenses will I be able to take as deductions when filing yearly taxes for the business?

I'm asking this bc I have a friend who had her own LLC and at the end of the year her accountant couldn't take off some deductions because she didnt specifically use her business cc for the transactions rather she used her personal CC and therefore it was hard to distinguish what was considered business vs personal expenses.

amother

Powderblue

Wed, Dec 16 2015, 8:38 pm

amother wrote:

You should not be asking legal advice from an accountant.

seeker

Thu, Dec 17 2015, 1:25 am

So I guess the lesson learned from your friend is that you should keep your business and personal accounts separate in order to claim business expenses for tax purposes.

Other than that you should talk to your accountant, this is what they're for.

SRS

Thu, Dec 17 2015, 10:58 am

I think your friend's accountant is off base. I think he was concerned about the integrity of the LLC if she mixed business expenses into personal accounts. That is my opinion.