Hi Sub. There are a lot of different tax deductions that you will be able to take advantage of as an LLC. Things like meals, entertainment, mileage, etc. In fact there are 12 core tax deductions that you may utilize often. These 12 deductions need to be documented by you. By "documented" what I mean is that you will need to write down the expense, who was there, what business was discussed, the cost, etc. You will also want to keep the reciept of the expense. When an expense occurs you should document the particulars of the expense in a timely fashion; this is required by the IRS. This means that you will want to schedule time once or twice a week to keep your deductions current.
You can go to
www.expensementor.com, enter your email into the box, and from there you will receive the ability to get a free customized report that explains all 12 core deductions. If you don't want to do this, contact me and I will send you the information directly. There are other deductions and expenses that you do not have to track, and are more about setting up the correct internal paperwork, then taking the deduction at the end of the year, but the 12 core deductions normally provide the greatest results.
When it comes to paying taxes, quarterly is a good idea, and completely acceptible.
Do you know if your LLC is "s" or "c" elected? Do you have employees, or independant contractors? Have you completed your "minutes and resolutions"? If not contact me and I can send you some templates.
There are other questions I have, and if you would like you can contact me and I can give you some other good information. Hope this helps!
