Question by  bennyboy (22)

What are the most common LLC tax deductions?

What do most limited liability corporations deduct annually when filing taxes?


Answer by  Gabriel (2146)

It depends on the business, but generally anything you spend to run the business is deductible from your net income. For instance, utilities, rent expense, license fees, taxes, salaries paid to employees. Review the 1120s instructions for a full list.


Answer by  Chaneygirl (1755)

Wages, rent, repairs, interest on LLC debt, travel, meals, office expense, legal/profesional expenses, supplies, taxes (payroll, property), advertising, employee benefits, depreciation, dues.

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