Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Generally, the deductability for an expense is the same if you are a Schedule C, S corp, corp, LLC, yes you will only get 50% of meals, unless you are a trucker(the IRS has at least one exception for every rule), but in all cases you will get 100% of business related travel.

LLC and S corps can save on Self employment taxes in many cases, but state taxes and filing of tax return can eliminate the savings(california has an $800 minimum tax on S corps and LLC). If it was me, and i was not worried about personal liability, like a consulting business with client that you know, i would just file on schedule C. If I was going to be very agressive with my business expenses i would be an S corp, they have had a much lower audit rate in my experience.

I will look for the book by Marty Kaplan, i usually avoid even looking at a book with a title like that but the recommendation was very good.

Good luck its seems like you have a great life,


Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.