Answer by ECG1040
I would say YES you can deduct business related items for a loss. Did you set up your LLC as a corp by filing 8832? If not, it defaults to a partnership(Since there are 2 people). The LLC will flow to...
View ArticleAnswer by Henry B. 1
You will have to explain in much more detail what your LLC did this year, if we're going to be able to tell you if some of the LLC's expenditures might be deductible this year.
View ArticleAnswer by Bill-EA
If you have not made any sales, your business expenses are generally start-up costs and should not be deducted until you are actually 'open for business'. The Form 1065 instructions state that a LLC...
View ArticleAnswer by FrankHagan
This can be tough. "Start up costs" and "organizational costs" might not be deductible; they can be treated as capital costs as far as taxes are concerned, and may be recovered only through...
View ArticleAnswer by Barclay
If those start-up costs are not deductible in the year incurred (due to no sales in that year), then they are amortized over future periods. With that being the case, my question is, is a Form 1065...
View ArticleAnswer by Bill-EA
Barclay, as I indicated in my original post, "the Form 1065 instructions state that a LLC with two or more partners must file a Form 1065 regardless of its level of activity". There is no carryforward...
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