Started An LLC, Now What To Do About Taxes?
We just started an LLC late in the year 2004. We have not done any activity with the LLC as of yet. Can anyone help with what I do re. taxes for 2004? Ie can I write off the expenses associated with registering the LLC albieit minimal? Any other write offs that are normal such as buying computer/etc? Is there a special form for taxes one must fill out for establishing an LLC? 
thanks so much!
You can deduct anything that relates or can be used in your business: Courses, pens, books, gas, car expenses / repairs etc
Thanks for reconfirming!! Is there any investor in the Baltimore, Md area that knows a good tax person??? Or can I do it myself??? :-o
Thanks for the break down. I exclusively use one room for my Real estate "business" , I guess I need to find out the diminsions.
Deductions on rentals??? Like what???
Quote:Deductions on rentals??? Like what???wcherry7,
All the costs of property ownership and all the costs of rental property operation can be deducted from your rental income. You are even allowed a depreciation expense to recover the acquitision cost and the cost of capital improvements over time
Take a look at Schedule E (1040) to see what we are talking about.