I have been thinking about starting my own home business. I do not plan to quit my day job. The plan is to create an LLC. It might be quite awhile before I make any money. I just read that if you have a home business some items, home office, business related travel and education, computers, etc. are tax deductible. My question is does the business have to make a certain abount of money to qualify for this deduction? And do these deductions still apply to an LLC?
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Sometimes I don't mind answering homework questions, so here goes:
A: Maybe, and "What's an LLC?" Where in the Internal Revenue Code is an LLC defined?
-- ArtKamlet at a o l dot c o m Columbus OH K2PZH
Bravo. Al
Harlan,
Thanks, I think.
I've often been called a lot of things, but this is a new one :^|
-- ArtKamlet at a o l dot c o m Columbus OH K2PZH
The IRC doesn't define an LLC, but every state has a letter ruling from the IRS, determining how LLC's are treated under the IRC. Stu
Where are these letter rulings? Can I find them at IRS.gov?
There are some there, but I was only able to find very few. So the ones you are interested in may not be there. Commerce Clearing House has all private letter rulings available, indexed and cross-referenced. Check it out at any law library. Stu
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