Hello to all smart people. I need your help again. I am single member LLC.
I bought an equipment for the project on Dec 2022, but did that project in Jan 2023 and receive a check in Jan 2023. Do I still need to report that equipment as expense for 2022 even if it will show me that I spent more than made in 2022. It was a bigger amount of money than I made during the year. For example I made $4000 during the year, but on Dec I spent $8000 for the project which was completed on Jan 2023.
