Can I use expense that incurred in 2018 for 2019 tax return? LLC single member in TX, will file on Schedule C.

Forum|Forum|6 years ago
December 7, 2019
3 replies
22 views

LLC single member incorporated in August,2018 and had some expenses. But business actually opens next month. There is no business income or personal income. Should I file tax this year for client? If I don't file, can we use these expenses in 2019 tax return?

Thanks alot.

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Best answer by TaxGuyBill

Except for depreciable assets, expenses incurred before the business opens are generally "Startup Costs" that start once the business is actually open.

T

TaxGuyBill

Level 15

When you say "incorporated", do you mean they FORMED the LLC, and that is the expense that you are talking about? A LLC is not "incorporated" (which is for "corporations")?

B

BeckyTXAuthor

Level 2

Yes, Formed the LLC. And the expenses are for legal fee, Cars, software.

T

TaxGuyBillAnswer

Level 15

Except for depreciable assets, expenses incurred before the business opens are generally "Startup Costs" that start once the business is actually open.

beckynguyentx

Level 3

THANK YOU,

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