Hello everyone. I just married a woman who formed (with a friend) an LLC a couple years ago. I am in charge of family finances so I’m trying to figure out what I need to know about handling income and expenses for an LLC. I just have a general question: does anyone have any good resources for learning about LLCs? I would prefer to do all of this myself but for once I am thinking of tons of odd questions and am wondering if a tax professional is a necessity.
For example, since this is a health coaching/nutrition/healthy cooking company, can I write off the food my wife buys to practice cooking recipes for her next workshop? What if we eat that meal for dinner, can we deduct a portion of it since it ended up being for personal as well as professional use? If so, what proportion of that meal should count towards the business purpose versus our personal "use"? I assume I can do this because it counts as an "ordinary and necessary business expense" according to the IRS. Can I capitalize a portion of the cost of my new stove and refrigerator since they’ll be used for both professional and personal purposes?
Also, how should I go about handling company income since two people formed the LLC together? I would appreciate anyone pointing me in the direction of some good resources.
Submitted June 11, 2015 at 07:55PM by UMich22 http://ift.tt/1KsTbir personalfinance
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