Posts Tagged ‘business expense’
How do health insurance tax deductions work for a member managed LLC?
Posted by admin in Tax Questions on July 17th, 2010
I own a business (LLC) with two other people. It is only us three; we do not have any additional employees. We pay for our health insurance through our business. Based on these facts, I was wondering how much I stand to save on my personal taxes. Is this a standard write off like any other business expense or does the IRS treat health insurance differently?
Personal, Small business tax deductions in addition to standard?
Posted by admin in Tax Questions on June 22nd, 2010
Hello,
Got a quick question. Are expenses incurred by a small business startup compound on a personal standard deduction? My scenario is below:
-I’m employed (not self-employment, at an actual company) and rent an apartment
-Say I incur ,000 in small business expense this year for a SIDE business.
Is this ,000 write off in conjunction with the standard deduction (of around 5k for single)? So, in other words, can my income be claimed to be 15k lower? If my startup costs incur ,000 is there a reason for me to NOT do the standard deduction? It seems awfully stupid that standard deductions exist, as I would’ve kept my own money instead of spending it on all this crap…
