I know tax preparation expenses are deductible. If I have a full time job as well as investment property on the side (held in an LLC), do I need to pay for the preparation expenses from the LLC bank account or not? If I pay out of my personal checking account, is it commingling?
Yes, it is commingling. The LLC must pay its own bills.
Thanks BLL. I kinda figured it was. The only reason I questioned it was because the tax preparation would have my personal items too (W-2 from day job) which is more than the LLC income right now.
That’s 2 fees: one to prepare the LLC’s return and one to prepare your personal return.
The fee you pay this year is a deduction next year. Maybe the LLC will have income by then to offset the tax prep cost.