QUESTION
I have a single member llc and use my garage to store equipment. Can my llc pay me rent for my garage storage ?
Asked on Oct 24th, 2012 on Taxation - New Jersey
More details to this question:
The additional rent expense will lower my business income and in turn, reduce the self employment tax that I pay. I will pick up the rental income on schedule E
1 ANSWER
Criminal Defense Attorney serving Toms River, NJ
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Edward J. Dimon
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you should speak with your accountant regarding the legitimacy of the expense and the legitimacy of the reduction in taxes. your accountant knows the 'full picture'. i would need far more details to answer the question correctly.
Answered on Oct 24th, 2012 at 2:38 PM