I just started my business 2 months ago and have not registered as an llc nor do I have an EIN or insurance. I make and sell natural and organic body products on Etsy. I have spent $1,500 on startup fees including materials to make my items, equipment and advertising. I want to know if ...
1). I am considered a sole proprietor?
2). Do I need an llc to get any deductions?
3). Can I deduct $5,000 for startup fees (including materials)?
I am 22 and just started paying taxes so everything is new.
posted
last updated
July 06, 2019
9:12 PM