If your LLC buys "TurboTax" for the indivual partners for them to do their tax returns, is that considered a business expense?
We are a small family business, taxed as a partnership, and usually buy "TurboTax" for everyone.
Can this be considered a business expense?
Thank you.
03572
1 Best answer
Mike9241
Level 15
Nov 26, 2023 9:54:14 AM
not deductible since this would be a personal expense of the partners. if the partnership does pay, those payments could either be treated as a non-deductible expense or distribution.
3 Replies
Anonymous_
Level 15
Nov 26, 2023 8:11:20 AM
I'm not certain what you will accomplish by doing so as it would appear to be either compensation for services or a return of a capital (i.e., a distribution of property).
not deductible since this would be a personal expense of the partners. if the partnership does pay, those payments could either be treated as a non-deductible expense or distribution.