"Magellan" <vemadg[at]yahoo.com> wrote

- quote -

Your LLC can deduct it's own "ordinary and necessary"
business expenses. Be aware that the IRS has just hired and
trained more auditors to look at losing businesses that
off-set W-2 incomes. So be sure that the LLC expenses are
legit.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Magellan" <vemadg[at]yahoo.com> wrote:

- quote -

Unreimbursed business expenses from your W-2 employment are
a Schedule A miscellaneous itemized deduction. Expenses of
your consulting business are deductions on your Schedule C
for the business.

I suggest a session with an accountant.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Magellan wrote:

- quote -

Any expenses associated with your work as an employee (W2)
are deducted on your own schedule a with maybe a form 2106
attached for certain types of expenses, notably car expense.

Any expenses associated with earning money for the LLC are
deducted on that particular return (schedule c, if you're a
single member LLC). You can't mix the two.

ChEAr$,
Harlan Lunsford, EA n LA

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

I am employed as a broker for a mortgage compay, I am paid
by commission but though W-2 not 1099.

I also have an LLC, a consulting business. Question: Can I
deduct some expenses to lower taxability? any advice is
appreciated.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >