Well I just finished with my first 1065 for our husband/wife remodeling llc and I'm wondering if there are any less obvious deductions I can use next year to lower the Ordinary Business Income on the 1065.
We were able to deduct the expenses/depreciation for our work vehicle and things like job supplies, and were also able to take a home office deduction/depreciation on our personal taxes.
Are there any others that we could use? What about things like medical or IRA contributions? Would we both have to have these since we are 50/50 partners?
What about the mileage on our personal vehicle to go and give bids, and does it matter if the bid is accepted or not?
We were able to deduct the expenses/depreciation for our work vehicle and things like job supplies, and were also able to take a home office deduction/depreciation on our personal taxes.
Are there any others that we could use? What about things like medical or IRA contributions? Would we both have to have these since we are 50/50 partners?
What about the mileage on our personal vehicle to go and give bids, and does it matter if the bid is accepted or not?
Federal Taxes: Less Common Deductions for Partnership (1065)
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