I have an LLC that’s turning decent profit this year. Always great to save money though. That’s why I’m wondering what some of the things I can deduct on my taxes. I’ve read you can deduct costs associated with opening the business or exploring the opportunity, but that sounds vague to me. What kind of deductions can I get from all of our incorporation fees?
Harpreet, you should consult with a tax advisor on this subject. Typically a CPA that specializes in taxes, or an enrolled agent.
Raymond is 100% right. I do not know what specific deductions you can get on each item, but definitely track everything and submit to an accountant and they can figure it all out for you.
This is directly from the IRS: https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses
Here is another great article: https://www.entrepreneur.com/article/219474