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> Much of your personal lifestyle could then be deducted as a business expense on your schedule C, being “necessary and ordinary” for your various LLCs That's
by paxys 2y ago
> Much of your personal lifestyle could then be deducted as a business expense on your schedule C, being “necessary and ordinary” for your various LLCs
That's not how it works. You can maybe deduct the price of your movie ticket and mileage to drive to the theater. Anything beyond that and the IRS will be up your ass in an instant.
- EGreg 2y agoWell that’s what I’m talking about. The price of all your movie tickets and mileage to drive to the theater, perhaps even your netflix subscription etc. Or if you’re a travel blogger, the plane rides and hotel stays become a business expense if you’re doing it for profit as part of an LLC. You have to have an actual business plan with memberships, advertisements, etc. You could be making money with it. But even if you aren’t yet, as long as you’re trying, the business expenses made by an LLC that you are investing into, are deductible on your personal Schedule C! Are they not?