Purchasing a Business

[Maui4]

In late 2023 my wife and I purchased our first business. I then setup an LLC that includes my wife and I as we run the business now. Once we got the LLC acepted we registered our business in Washington State under our LLC. This was all done in late 2023.

Questions:
1) I was wondering is there any beneficial tax deductions we can take in the scenario of purchasing a business? 
2) We are also thinking of maybe buying more businesses in the future. Would there be any tax benefits if we purchased another business in the future with the funds from our LLC and/or under our LLC?

P.S. Is there a live video to join? I haven't seen any links to a video. Or is this just live in the threads/forums?

Thanks for your help!

[RobertB4444]

1) Assuming that you purchased a fully-functioning business that was already running then there isn't a tax advantage to the purchase at this time.  You have made an investment and the purchase price represents your 'basis' in the business.  If you sell the business next year you will pay taxes on the profit of the sale which is the sale price minus the basis in the company.

2) The treatment of an LLC purchasing a business is the same - the investment is a capital investment and added to the value of the business that is doing the purchasing.  I suppose the advantage is that a business that owns a lot of other businesses is more valuable.

PS - No, we're just an online chat today.  I'm funny looking.  You wouldn't want to see me anyway.

@MauiMc 

[Mike9241]

you should see this website for info about filing form 8594 which is required when a going business is bought or sold. Both buyer and seller must timely file to avoid penalties and you can bet the business that the IRS will compare the buyer and seller forms. 

https://eqvista.com/documents/form-8594/