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Business expenses incurred in 2024 during business pre-launch
I started formed a single-person LLC in 2024. I incurred many business expenses, but the business is not 'active' yet (I am not yet selling my product). Can I write these expenses off in TurboTax for 2024 even though the business is not officially launched? I am trying to do so as self-employment, but TurboTax won't let me indicate that there is Zero income. I can enter the expenses, but can't continue without entering income (because there is no income yet). Any suggestions? Am I approaching this wrong?
March 16, 2025
2:58 PM