A board of advisors for an LLC is:

• A group of individuals who provide guidance and recommendations to the management of the company
• Not elected or appointed officials, but serve in a voluntary, advisory capacity
• Brings in outside perspectives and expertise to help the company make informed decisions and achieve its goals
• Can be chosen from a variety of backgrounds, including industry experts, successful business leaders, and experienced entrepreneurs
• Selected based on their relevant skills, experience, and network
• Serves as a sounding board for management, offering advice and feedback on strategy, operations, and other key issues facing the company
• Can provide valuable insights and perspectives that can help the company stay ahead of the competition
• Can provide access to valuable networks and resources that can help the company grow and succeed
• Can help to build credibility and increase the visibility of the company.

Here are a few common tax deductions our Team likes that may be available for LLCs in relation to board of advisor meetings:

1. Travel Expenses: If the members of the LLC's board of advisors need to travel for a meeting, they may be able to deduct the cost of transportation, lodging, and meals. These expenses must be directly related to the meeting and must be reasonable in amount.

2. Meeting Venue: The cost of renting a meeting venue may also be deductible, as long as it is directly related to the meeting and necessary for the conduct of the business.

3. Supplies: The cost of any supplies or materials used during the meeting, such as stationery, printing, or audio-visual equipment, may also be deductible.

4. Professional Fees: If the LLC hires an outside consultant, attorney, or accountant to attend the meeting, the cost of their services may be deductible.

5. Meals - 50% deduction in 2023+

6. Board Fees - Yes, you can pay a family member or other who sits on your board a REASONABLE board stipend for their expertise.  This would be deductible to your business and taxable to the recipient.  Perhaps your parents give you business advice and are in a lower tax bracket etc

1. Contemporaneously document the purpose of your board meetings, travel or meals
2. Keep a record of what business is discussed
3. Complete the Board Meeting Minutes EACH time and file away!