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Get your taxes done using TurboTax
When starting an LLC the monies you invest are your capital investment. The income and deductions flow to your individual return. If you are the only member of the LLC, then it is reported on a Schedule C on your 1040. If there are more than one member, you will need to file a form 1065 and the income and expenses will distributed based on the operating agreement. There are rules governing expenses incurred prior to starting the business that may allow for deductions of the expenses and after starting the entity there may be limits on how and when some startup expenses may be deducted.
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‎November 16, 2022
4:26 PM