Hi

As mentioned in more detail in our recent llcwizard blog, you can and should deduct business expenses for an LLC. For example, if you have an LLC taxed as an S-Corporation you can pay yourself a reasonable wage for running the business. Your S-Corp then deducts that wage as a business expense, and you can take any profits made in your S-Corp above that wage without paying the social taxes (the FICA, FUTA etc.) on the money. This can sometimes amount to quite a tax savings.

With an LLC you can also deduct "ordinary and necessary" travel expenses for your business (which does not include travel to and from your home to office), and the ordinary and necessary business supplies you get for your business.  This deduction can include simple things such as pens, paper and envelopes. It can also include larger items such as computers, file cabinets, trucks and tools, and rent for an office or other equipment required to run your business. Running your business in the form of an LLC, whether it is taxed as a sole proprietorship, partnership or corporation, makes good tax sense. 

Taxes are one of the major impediments to gaining wealth.  When you can deduct all of the above items as business expenses for an LLC, it will increase your bottom line. I feel very lucky to be working with a great former IRS agent, Ben Rucker, who has saved me thousands in reviewing my taxes and is consistently finding ways to help my students as well.  He will be one of the speakers at our upcoming Boot Camp in October.  Hope to see you there!