Can you write off car payments for LLC?
Deductible Business Expenses
You can deduct California’s $800 annual tax and any annual fee from your federal taxes. As an LLC owner, you can deduct maintenance costs for your LLC.
Claiming Personal Business Losses
If you have a sole proprietorship or LLC, you can claim some business losses on your personal taxes. You can usually deduct expenses related to your rent, mortgage, utilities, and supplies.
Record Keeping for Business Expenses
It’s important to keep records of business expenses for taxes. You’ll need accounting software to manage your business.
Non-Deductible Personal Expenses
Personal, living or family expenses can’t be business tax write-offs. However, an owner can expense a purchase with both uses by dividing the cost between personal and business.
Deducting Car Payments
Can I write off my car payment if I own a business?
The LLC agreement must show members are required to cover these expenses. How do I write off my car to an LLC?