Yes, that's right. If your start date is January 1, 2024, you don't need to include your LLC on your tax return until next year.
I am assuming that you had no business income and no expenses other than start-up costs.
If both of those are true, you can just include your 2023 start up expenses on your 2024 tax return.
Start-up expenses are the expenses you incur before you actually begin business operations. Your business start-up costs will depend on the type of business you are starting.
They may include:
- Costs for research, advertising, travel, surveys, and training.
- Costs for setting up the business location.
- Organizational costs for setting up a business entity, including, legal costs, licenses, permits, etc.
You can elect to deduct up to $10,000 of business start-up costs and up to $5,000 of organizational costs.
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