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LLC registered, but not operational yet, therefore no income for this past year. We have already incurred a decent amount of startup costs ($15k). Can I claim deductions?
We have been slowly working toward our dream of opening a food truck. We started purchasing equipment, the trailer, and miscellaneous items back in 2013 - all of which are documented. We just registered as an LLC in the state of Texas last week (Jan. 2017). We will be operational in the spring. I want to claim business deductions on my 2016 taxes. Can I do this?
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May 31, 2019
10:06 PM