- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Can gym memberships be deducted as a business expense...
Posted on 10/14/08 at 3:00 pm to Chicken
Posted on 10/14/08 at 3:00 pm to Chicken
quote:
what if it is a single-member LLC? Wouldn't these two things cancel each other out?
A single member LLC is by default a disregarded entity, and its income is reported on Sch. C (used for sole proprietorships) unless the LLC elects to be taxed as a corporation. The single member of the LLC is considered to be self employed and doesn't receive a salary from the LLC. If the LLC pays for a gym membership for the member it will be treated as if the LLC distributed cash to the member and the member paid for the membership.
However, if the gym membership is an ordinary and necessary expense for the business, then the mamber may report the expense as a deduction on Sch. C.
0
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News