Is business saving or investing tax deductible?

by James F. DiFilippo, CPA | Jul 09, 2018

I'm a new author, and my book will be published most likely before the end of this year. My concern is the amount of money I would need to reserve to pay taxes. How much money does an author need to make before he pays taxes, or does he pay regardless? 

I want to start an LLC, and I wanted to know if business saving or business investing can be considered an operating expense, considering you need to put money back for future maintenance on building or invest in better equipment.

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Answered by: James F. DiFilippo, CPA, is the owner of DiFilippo & Company CPAs in Toughkenamon, Pa.

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
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