“online Based Business”
standard tax deductions for knowledge-based consulting firm?
I do research for, and give presentations in, the public and private sector, and have created a consulting firm (LLC) through which to run expenses and to have a business “front” to what I do. I have looked at the IRS Schedule A Itemized Deductions documents, and the Jackson-Hewitt deductions pages online. I have also searched through Yahoo Answers. I’m curious if anyone has created an Excel spreadsheet or if there is another web resource out there that itemizes the tax deductions I would typically be able to make each year. Of course, flights, hotels, gas involved in travel related to the consulting would be deducted, as would computer software and hardware that is needed for the business. It would be fantastic if there was some kind of list out there for consultants who do this type of thing. Thanks in advance for your advice and help.
You need a tax professional. How did you set up your LLC? do you need to file as a “C” or “S” corporation. In other words you need to file a return for your LLC and it will either just tell the government to refer to your individual taxes for all the deductions, or you will deduct them on the business level and not pass them down to yourself personally. I do this for a living, and would be glad to help, but the above questions need to be answered before you worry about your schedule “A” deductions. Most would be on schedule “C” or “D” anyway.
Home Based Jobs Not Get Rich Quick Scheme