Hi guys, happy holliday’s. Im still a bit confused on this new tax plan. I was hoping some of you who may have accounting backgrounds could answer a few questions regarding LLc’s.
i have a full time construction( kitchens/ baths) biz thats an LLc. I live in NY area.
Here are my questions as an LLC and are meant for 2018, not 2017.
1) i can deduct 20% from my net as an LLC?
2) i can get the 24k standard deduction as my wife and i file jointly?
3) i can deduct 2k per child ( i have 3) ?
4) i can deduct all my business expenses?
5) i can deduct primary mortgage interest?
6) i can deduct property taxes up to 10k ?
7) can i deduct my health insurance premiums since i pay for health ins?
Are there any other personal deductions for my family?
I guess my questions are whether as a pass through business( LLc), i can get all of the standard/ personal deductions in conjuction with the 20% deduction from net income as a pass through as well as all my business deductions?
So far i am at 305k for the year after paying my workers and for my materials. I did not deduct all my other business expenses yet..
Any clarity would be greatly appreciated.
i have a full time construction( kitchens/ baths) biz thats an LLc. I live in NY area.
Here are my questions as an LLC and are meant for 2018, not 2017.
1) i can deduct 20% from my net as an LLC?
2) i can get the 24k standard deduction as my wife and i file jointly?
3) i can deduct 2k per child ( i have 3) ?
4) i can deduct all my business expenses?
5) i can deduct primary mortgage interest?
6) i can deduct property taxes up to 10k ?
7) can i deduct my health insurance premiums since i pay for health ins?
Are there any other personal deductions for my family?
I guess my questions are whether as a pass through business( LLc), i can get all of the standard/ personal deductions in conjuction with the 20% deduction from net income as a pass through as well as all my business deductions?
So far i am at 305k for the year after paying my workers and for my materials. I did not deduct all my other business expenses yet..
Any clarity would be greatly appreciated.