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AlphaCon · 02-24-2008, 10:08 PM

What loopholes/ deductions are offered for LLC's
Also, has anybody read 'Incorporate & Grow Rich'. If so what was the best thing you got out of it.

ADVERTISE HERE! · 02-24-2008, 10:32 PM

Are there any specific loopholes or deductions for which you're looking?

AlphaCon · 02-24-2008, 10:39 PM

Well, when I was looking at that book I found out about many deductions I never thought possible; such as food if you work from home... etc.
I was just curious what was out there.

ADVERTISE HERE! · 02-24-2008, 11:37 PM

It really doesn't have to do with which type of business entity you choose to operate under, but rather whether the expense can be considered an "ordinary and necessary" business expense. I'm very skeptical of being able to write off food if you're working from home. You might want to recheck that one.

AlphaCon · 02-24-2008, 11:42 PM

The reason I posted that is because it was just one of the interesting ones that i noticed in the book.

ADVERTISE HERE! · 02-24-2008, 11:50 PM

Really makes me wary of the book.

AlphaCon · 02-25-2008, 12:04 AM

lol I thought it was a little interesting

ADVERTISE HERE! · 02-25-2008, 12:26 AM

"Interesting" is a very good choice of words. Haha.

HRAMatt · 03-28-2008, 11:52 AM

Have you looked into an HRA? The Health Reimbursement Arrangement allows qualified small business owners and self employed individuals to deduct up to 100% of their families health care expenses through their business...obviously providing a huge tax break. Let me know if you're interested in learning more.