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New LLC - What Can I deduct?

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  • New LLC - What Can I deduct?

    Started a LLC late this year. I'm the sole owner and only employee. Working for a medical practice w/ a fixed salary. Questions on what can I deduct for taxes:

    1) New state medical license - I'm seeing this is NOT deductible since its the initial license.

    2) DEA License - Same as #1 - is this not deductible?

    3) State fees to incorporate - I believe this should be deductible?

    - Anything else that I should be aware of? Didn't incur any marketing costs and travel expenses.

  • #2
    Someone correct me if I am wrong, but these deductions are the same regardless of an LLC or not.


    • #3
      More importantly, what if any is the business revenue of this LLC. The only thing you have mentioned is a salary at a medical practice.


      • #4
        Thanks - regarding LLC, sorry my question wasn't focused on the biz being a LLC its more regarding as a new business what can I deduct.

        Also, the salary income is a straight passthrough via my LLC. In other words, I only have one source of income - the salary from the practice (I'm an independent contractor).