I have a small LLC that makes a decent amount of money. I have always been told that come tax time, you can either pay money to the government, or you can buy equipment, supplies, etc for your business and use that as a write-off to offset the taxes.
How do I know what this write-off amount is so that I can spend the max amount of money on write-offs and not have to pay that money in taxes? I would much rather be putting this money into my business instead of losing it.
Is there a formula for this?