This forum post is hidden because you have chosen to ignore JARivera. Show Details
This forum post is hidden because you have submitted an abuse report against it. Show Details
Tax shelters are things that help reduce your taxes, such as interest on mortgage loans, property taxes. Having a home based business is also a tax shelter because you can get credit for part of your utilities, the square footage that you use in the home, etc.
To find out answers to your other questions, to to www.irs.com and there is a list of deductions. You should also google your questions on the internet. The answers may be different depending on the slant each person gives, so you will have to figure out what works for you. The IRS is definitely the place to change from LLC to individual tax. You will have to retire the LLC employer number that has been issued to you, I think. Ask them for sure.
I would recomend you concentrate in making your business PROFITABLE. Review your financials, Balance Sheet and Profit and Loss Statements and compare them to your PLAN progections. This you should do on a MONTHLY basis. Get someone with an accountinng degree that can advise you as to how the Balance Sheet and P&L Statements look and adjust your marketing decisions accordingly. You should see your P&L Statement withing the first 10 days after the closing your monthly books. DO NOT allow the accountant recomend a quaterly of a semi annual statements. Doing this, you are running a business BLIND and most likely will fail. Any and all profits or losses from your business in your LLC you will declare it in your personal income FORM 1040 at tax times.
After more than 25 years as a small business consultant I have found that not doing the above is the main problem with small business going out of business.