Thank you @PatriciaV . That's very helpful.
To clarify, I have not made an S-corp election.
Follow up:
1) I read somewhere a recommendation to still File Schedule C for 2024, as this creates a paper trail for future deductions. Specifically, to report the startup costs as a non-deductible expense (list under "Other Expenses" with a note: "Startup costs to be amortized in 2025"). Do you agree with this?
2) I still need to File California Form 568. How do I do this if I don't file a return for this business for 2024?
(Note: I have already paid the $800 CA tax for 2025)
Thank you!
