Hello,
Fist of all, thank you for your time and support. I run a single owner LLC and haven't paid self-employment tax yet. I've got some questions to clarify:
- I'm unsure that if I can still write off my startup expenses from my gross income. They're tax deductible, right?
- What if I include some tools (construction) and printers that I use for my business, but no receipt to show? (bought some of them months or years ago before I start the business). How can I write off them from my business income?
- If I choose to use cash method, then I can't include depreciation (as expenses, right? Which is the best way for a small business?
- Can I deduct my employee's car expenses (loan pmt; maintenance costs; gas, etc.) that are used for almost 100% business purposes?
- We're no longer allowed to deduct tax preparation cost (turbotax live assist fee, etc.) as expenses, right?
Thank you so much!
