what exactly am i able to write off as a tax deduction under a LLC and does it matter that its a investment group…can i go out to dinner and write it off…can i write off all the gas i use for now on…can i go clothes shoppin and write that off…and i pay all my college tuition and books and write that off?whats the percentage i would get back?
You can deduct legitimate business expenses. Personal expenses, like clothing that can be used outside of work, is never deductible. You should do your tax planning with a CPA, who will tell you exactly what you can and cannot deduct based on your situation.