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Get your taxes done using TurboTax
@Mike9241 In addition to my other post...Does it change the answer if I just go with a sole proprietorship instead of a SMLLC for 2021?...I'm assuming this is how this example would also work...assume hypothetical (not 100% real data):
$30k computers for 179 expense
$165k AGI from mine and my wife's W2s for our primary jobs
**Business started in time before the end of 2021; meeting all startup guidelines
**Revenue of $500 for this last month of the year
I could technically expense the $30k to bring down my AGI to $135k on my 1040?
If so, Could I expense $20k in 2021 and remaining $10k in 2022?
Not looking for advice I just want to be sure I understand the concepts....Thanks for your time in advance!
‎December 5, 2021
3:56 PM