Hi all, new to this forum and new to small business. I recently created an LLC partnership and we took out a company credit card to easily make business expenses.
As I understand it, with an LLC the profits and losses are passed on to the members. So the LLC itself doesn’t get taxed. So, how do I claim deductions from business expenses? Is it when doing my personal taxes? And if so, how do my partners and I separate the business deductions?
Much thanks to anyone who can clear this up for me :)
As I understand it, with an LLC the profits and losses are passed on to the members. So the LLC itself doesn’t get taxed. So, how do I claim deductions from business expenses? Is it when doing my personal taxes? And if so, how do my partners and I separate the business deductions?
Much thanks to anyone who can clear this up for me :)
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