Tax Writeoffs - Step by Step Process

[Alark Patel]

I just created my LLC and am wondering what the process is to write off business expenses? Looking to write off the BP Pro, travel cost to look at properties, and a new laptop. Curious if I should keep receipts, and what the overall process is to do this.

[Ashish Acharya]

Originally posted by @Alark Patel:

I just created my LLC and am wondering what the process is to write off business expenses? Looking to write off the BP Pro, travel cost to look at properties, and a new laptop. Curious if I should keep receipts, and what the overall process is to do this.

Not very complicated. Keep your receipt, keep your payment proof (having separate business accounts helps), and track the expenses in excel or other bookkeeping tools. 

Expenses to look at the investment property might not be deductible. The deduction for flips and rental also works differently. Please do some more research here, talk to your advisor, and ask more questions here.