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Updated about 4 years ago on . Most recent reply
Can a file for Non-Income Tax?
Hi BP Family just wanted to know if I haven't done a deal yet, so I have no income but I have a LLC and I've spent money for my business on stuff like tools, material for my office, the BP books, my mileage Driving for $$$ and etc. Do I file taxes and claims these as a write off? I'll be so grateful for your help?
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#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
- Florida
Originally posted by @Owen Mitchell:
Hi BP Family just wanted to know if I haven't done a deal yet, so I have no income but I have a LLC and I've spent money for my business on stuff like tools, material for my office, the BP books, my mileage Driving for $$$ and etc. Do I file taxes and claims these as a write off? I'll be so grateful for your help?
Not likely in 2020.
You can deduct them as startup expenses, if less than 5000, in 2021 tax return.
- Ashish Acharya
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