1. Home
  2. Financial Planning
  3. How can I file this loss from my LLC?

How can I file this loss from my LLC?

I'm planning to stat a LLC. I myself will be the only employee at the beginning. But I will continue to work my current full-time job at the same time. My LLC mostly will deal with Chinese customers. Hence I need to fly to China once for a while (pretty costly trip!). I really don't expect any revenue in the first year, mainly to spend some time to build my customer base by providing some free services. So obviously, the first year my LLC will incur a loss. My question is Can I pass that loss into my personal income tax and get deduction on my personal income tax?

Thanks in advance.

Reply to
netcomm888
Loading thread data ...

You'll probably be able to use Schedule C, but check with your tax advisor to be sure you are setting the right organization and it will pass muster with the IRS>

Reply to
BMS

Consult your tax advisor, but I believe the fact that you have no revenue in your first year means that any expenses you have are "start-up costs". To deduct these you must amortize them over several years starting in a tax year where you do have revenue.

-Will

snipped-for-privacy@yahoo.com wrote:

Reply to
Will Trice

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.