Starting a business late in the year

LOL!

 

Lol that's funny #### right there

 

I laughed all the way to the end of the thread and still chuckling!

 

You can certainly put all expenses related to starting up your business to show a loss on your schedule c on this years return.It will count against your ordinary income.

 

Since you are an LLC, you can decide on your fiscal tax year. Does not have to end on December 31st. Income is reported to you on a 1099. You are not on a cash basis. It is a separate legal tax entity. When you report the 1099 on your 1040, you then have to pay self employment taxes etc. Suggest you contact a CPA so you do not lose the expenses against that future income. Otherwise you will have to report more income and be taxed heavier. Keep meticulous records.

We just started an LLC also. We are starting our fiscal year on the month we started the LLC so that all of the startup expenses get resolved against our income. Se just started rolling and income is less than 15 days away.

John

 

My single member LLC is running on cashed based accounting 11years now

 

Probably why the OP should see a CPA rather than get tax advice on a trucking board.

 

LOL best post of the day!!!!!!

 

Hoping the OP started a "hot shot" trucking business.