New LLC (sole proprietor) - Questions about filing

[2020LLC]

I formed a new LLC in 2020.  When I lost my job last year I rolled my 401K with my previous employer into a new 401k under the LLC entity.  I contributed $700 from my LLC income into the new 401k on 12/31/2020 in order to max out my contribution for the year.  Where do I enter the $700 on the tax forms?  Also, I paid a set up fee to the broker and  have annual maintenance fees on the new LLC 401k.  Do I enter this on the Schedule C?  I paid the 2020 fees on 1/21/2021, can I still apply to the 2020 return since it was for the work they did in 2020?

Also, I had some personal property expenses (desk, computers, furniture, phone, etc.).  I use some 100% of the time and some 50% of the time for business use.  Do I need to fill out 4562 for this type of personal property, or is personal property an exception?

I have not made any income (so far) in 2021, but have expenses.  Can I still file a schedule C if there is no income?

Thanks.

[Mike9241]

type Keogh in the search box. then use the jump to box to open the form. the $700 would go on line 6

 Also, I paid a set up fee to the broker and  have annual maintenance fees on the new LLC 401k.  Do I enter this on the Schedule C?  I paid the 2020 fees on 1/21/2021, can I still apply to the 2020 return since it was for the work they did in 2020?  these are investment expenses if paid personally (rather than being deducted from your a/c. however, a tax law change in 2018 made them no longer deductible. 

Also, I had some personal property expenses (desk, computers, furniture, phone, etc.). I use some 100% of the time and some 50% of the time for business use. Do I need to fill out 4562 for this type of personal property, or is personal property an exception?

There is no rule that says you cannot depreciate small tools as assets BUT the safe harbor de minimis rule  allows you to deduct the cost of tools and equipment including computers whose total cost Per Line Item including tax shipping installed is no more than $2500 each.

You could deduct 10 tools @ 2000 each for a 20k deduction and they do not go on the depreciation schedule. it's your choice since if your business turns profitable in the future a depreciation deduction might save you more in taxes than expensing them in year one 

Can I still file a schedule C if there is no income. yes - in fact, you must. you can not take 2020 expenses on your 2021 return.

[Carl]

Just to further clarify.

Can I still file a schedule C if there is no income.

If your business was not "open for business" on or before Dec 31 of the tax year, then you do not file SCH C and have nothing to report. In such a case, if your business was actually open in 2021, then those expenses incurred in 2020 would be start-up expenses that would be reported as such on your 2021 tax return. For start up expenses, it does not matter in which tax year they were incurred either.

[AmeliesUncle]

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@2020LLC wrote:

I have not made any income (so far) in 2021, but have expenses.  Can I still file a schedule C if there is no income?

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Did you have income in 2020?  If not, you are not allowed to contribute to a 401k.

If you are referring to filing a Schedule C for 2021, are you anticipating no income for 2021?  If that is the case, you may want to check if you really have a business, or if it is just a "hobby".