As a partnership LLC, you can deduct many
business expenses to reduce your taxable income. Here are some expenses you can claim for partnership LLC tax filing:
Business meals: When you entertain clients and discuss business, you can deduct 50% of the meal costs. Keep detailed records of the meal and its business purpose for accurate filing LLC partnership taxes.
Home office expenses: If you use part of your home exclusively for business, you can deduct a portion of your home expenses, like mortgage interest, utilities and repairs. This deduction is relevant for your Form 1065 filing if you operate your partnership LLC from home.
Education and training: Costs for courses, seminars or workshops that enhance your business-related skills are deductible. This includes industry-specific training, which you can report in your partnership LLC tax filing.
Business start-up costs: If your partnership LLC is newly established, you can deduct up to $5,000 of start-up costs, such as market research or advertising, in the first year. Any remaining costs can be amortized over 15 years, which you’ll need to detail on Form 1065. Interest on
Business loans: Interest paid on loans used for business purposes, including equipment or operational financing is deductible.
Research and development costs: Expenses related to research and development for improving products or services are deductible.
Subscriptions and memberships: Fees for industry magazines, trade associations or professional memberships that are ordinary and necessary to your business are deductible.
Software and technology: Costs for business-related software, cloud services and technology tools are deductible.