Hello,
In July 2017 I incorporated a company structured as Delaware C-corp. I am the sole founder/employee of this company. The company does not have any income yet. As part of incorporating the company I received shares of company's common stock. From Sept 2016 - till March 2018 I have spent around 15K towards setting up the company (incorporation expenses, legal expenses, website, etc.).
I have following questions:
1) On my personal income tax return, is it possible to deduct 15K that I put in towards setting up the company from our joint family income? (I will be filing a joint return with my wife.)
2) How do the shares of the common stock that I received as part of company incorporation factor into my personal income tax?
3) The company does not have any income yet. What business tax do I need to file and what documents do I need? (I am based in Texas.)
Thank you for your help!
Regards,
Dev
