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re: Can I use my business solely for writeoffs
Posted on 4/8/24 at 12:48 pm to dbbuilder79
Posted on 4/8/24 at 12:48 pm to dbbuilder79
quote:
Board Accountants, I had/have an LLC business license in construction that I no longer use because I started working for another company. I've kept the business just in case I decided to start working for myself again, which at the moment seems very likely.
Last year, I spent over $12,000 in fuel and $8,400 in truck payments alone that will not be reimbursed. There are also about $3,000 in tools and around $6,000 in other expenses that I could normally write off.
When you work for yourself, you pay for that yourself.
When you work for someone else, the business you work for pays for it.
That's part of your employment package. If you are driving a ton for work then thats between yourself and your employer, that's not between you and the IRS.
ETA: A write off is a terrible term anyway. A write off is a business expense. If you have no business, how can you have an expense? Your business can lose money or it can break even. But if you aren't attempting to make money, the IRS will not allow you to continually just lose money.
This post was edited on 4/8/24 at 12:51 pm
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