Am I thinking about this correctly?
I'm a single member LLC so I file my taxes and my business taxes as one. I put aside 30% of my revenue to pay the government on a quarterly basis, so theoretically at the end of the year I only need to pay the 15.6% self employment tax on the remaining net revenue. But, if my expenses (and other tax benefits) exceed whatever that 15.6% self employment tax number is, Uncle Sam owes me for the difference, correct? So once I exceed that number, isn't every business expense coming back to me at the end of the year? If I buy toilet paper for the office, that $2.99 comes back to me in April of next year?
Someone help me with my thoughts!