(X-Post from pf) Started a business with no expenses and now have some write off planning questions entrepreneur how earn by blogging blog

Hello,

I started a contracting business (LLC) in the engineering space a little while ago. It's already profitable and the only tool that I use consistently is an internet connection and my laptop. I have a few questions:

I have very few expenses, so I suspect I'm going to get killed during tax season. I have a few thoughts about this...Please tell me if I'm crazy:

• Some of this work can be done by others with some direction from myself. Can I qualify these others as contractors and write off what I pay them as an expense?

• The business is an LLC...Can I create some employee incentive program to pay off my student debts of $50k? That way, the money is a liability to the company and not income for it's sole employee?

• Can I pour a bunch of money into an R&D division of the business and write off the R&D costs of new product development?

submitted by /u/dale6998
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