MinhT1
Expert Alumni

Deductions & credits

If your business was active in 2019, you can claim all related ordinary expenses even if you did not have any income yet. The cost of the truck is not an expenses. The truck is a fixed asset which has to be depreciated.

 

Please note that your single member LLC is a disregarded entity and its income and expenses can be reported on Schedule C of your personal tax return.

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