What Expenses Can You Deduct with Your LLC? No Personal Expenses!

[@Littlefitninja]

Hi Jason! I loved the video-thank you for posting. I am still confused about what I must deduct as an expense in my business. I am a personal concierge trainer (I drive to clients' homes to train them). I lease my car and use that car to drive to clients as well as to events and classes I teach to groups. My questions are: Do I deduct a portion of my monthly lease? Do I deduct my mileage AND/OR my gas? Can I deduct both a portion of my lease AND my mileage AND/OR gas? I've googled this question and the answer is vague. There is no hard yes or no. It's yes, but no LOL. I also have an LLC as a sole proprietor. I am the only employee as I am the owner and operator of my business. I use QuickBooks to keep my expenses organized and want to track them correctly for the year 2023. Thank you for your time! Kimberly

[@GabrielGarcia-vf8uu]

I’d like to hear a response for this. Did you lease the vehicle under your personal name or under your LLC?

[@Littlefitninja]

@@GabrielGarcia-vf8uu It’s leased under my personal name. I was told not to do it under my business unless I used 100% of it for the business. 🤷🏻‍♀️

[@SouthernBeautie2010]

How does this work if you are a lifestyle blogger/vlogger?

[@dolodoowop1971]

So quick question about capital contributions, expenses, and tax deductions...... if there's a capital contribution made from a member's personal account to the business account and the business then uses that money to pay for expenses.. can those expenses still be claimed as a tax deduction?

[@brrrrr256]

Good brief overview. Thanks!

[@JasonDKnott]

Glad it was helpful!

[@justj1393]

Great advice and I love your videos...but I gotta ask - where are you filming this? Are you in quarantine? prison? 😉

[@luispardo3323]

Thank you for your knowledge!

[@JasonDKnott]

Glad it was helpful!

[@m3talg3array]

This was helpful. Thanks!

[@JasonDKnott]

You're welcome!

[@AlexDrohobyczer]

Is expense for forming LLC for a rental deductible as rental expense?

[@angelaasas]

Thank you for your video. I have silly question. On business trip all meal (50%) are tax deducted or just business related?

[@tribblegirl2]

What do you honestly think? If it’s not exclusive to the business, you can’t deduct it legally.

[@RichOxonard]

@tribblegirl2 The trip is for businesss, so wouldn't all meals on trip be deductible? I mean if you are on multi day business's trip all meals count as business meals?