Can I Write Off Expenses Through LLC

[Reid Mathews]

Hey friends, this may be a silly question. But if I set up an LLC (to buy rentals in the future of course), can you buy anything in the name of the LLC if it is business related? The exact example, could I set up an LLC, get a credit card in the name of the LLC, and purchase the BiggerPockets Pro Membership with that card and write it off as a business expense?

haha i hope that's not a super wild question, but I am trying to learn! Thank y'all so much!

[Brian Bradley]

@Reid Mathews "ordinary and necessary." but if you want to write off more, then change our facts so that you can. read Tom Wheelright's book on Tax free wealth. He is Robert Kiyosaki's CPA. BP also has a good book for REIs and taxes.

Find a good investment CPA and lawyer. It's about Utilizing tax planning concepts and changing your facts to make the tax code treasure map work for you. This applies to estate planning and asset protection planning as well as investing. If you are investing and trying to move from the left side of the quadrant as an employee or self employed to the right by being a home provider (investor), then year long tax planning should be a regular event for you. This will help accomplish your goal. 

Taxes will either make you rich or kill your cash flow. The proper use of tax planning and asset protection with trusts and LLCs with proper designated elections is the nuts snd bolts. It’s creating a system and then letting it grow. About taking advantage of the intended benefits of the tax code. If you do not utilize these incentives then you really are just cheating yourself.

If you want to reach your full capacity as an investor, you need to listen and follow the IRS tax code treasure map, start using the incentives they provide for investors, and then changing your facts so that you can substantially legally lower your taxes.

Taxes are our biggest expense. Do not over look them when analyzing your deal and planning your wealth and asset protection strategy.