Writing off expenses: LLC -vs- C-Corp -vs- Non-Profit edition
April 5, 2014 6:56 PM Subscribe
I'm planning on starting both a nonprofit and a business (LLC or C-Corp) before the end of summer, and I'm uncertain as to my ability to write off expenses. Each would be run with a small (<5) group of investors/friends.
posted by NYC-BB to Work & Money (4 answers total) 1 user marked this as a favorite
Certain costs would be start-up related (computers, printers, etc), while others would be ongoing (paper, rent, internet connection), while the rest would be random (air travel costs, taking a client/board member/donor out to dinner and drinks, etc).
1. Can I even do this within an LLC or would the costs just be deducted from my own personal taxes based on what I paid.
2. Nonprofit - Is this even possible? Can you "write off" things as a non-profit? Are there very specific items that can and can't be written off? (Assuming I have no grant / fed / state funding sources).
3. C-Corp: I'm fairly certain I can write off almost anything directly related to my business within a C-Corp. Am I wrong?