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Level 2

Question

personal vs business forms

3 replies
36 views

What kinds of forms are used to write off personal expenses vs business expenses if an LLC’s taxes all flows through your personal taxes?

Ask the Experts - Biz Tax - May 2024

Level 2

If you are operating as a single member LLC all your business expenses are reported on Schedule C. Personal expenses are NOT deductible on your tax return.

If the LLC is operated with a business partner as a partnership (Form 1065) then a K-1 is issued to you and reported on Schedule E of Form 1040.

ianleonardAuthor

Level 2

Thank you for your response. Regarding personal expenses: if you use your cell phone for your w2 or have a home office to work on things for your w2 outside of office hours - cant you expense them somehow on your taxes even though its not for your own business but for your job?

Level 15

Sorry you can no longer deduct W2 expenses. That was suspended in 2018. Employee Home Office Deductions
https://ttlc.intuit.com/community/credits-and-deductions/help/can-i-take-the-home-office-deduction/01/26056