My husband and I are producing our own film from our savings. I have always done our taxes myself. Hubby is self employed so I am very familiar with the workings of Schedule C. But I am not familiar with what I need to do to claim this 181 deduction. We have created an LLC for the film which we will fund with our own money. We certainly won't make money this year as we are just making the film and we don't expect we will ever make money or see a return, although it would be nice in future years. Do I create another Schedule C for this?...which will be a total loss for sure this first year. Plus, we may have others invest during post production. Is this going to be super complicated? Do I need to hire an accountant to help me with this? Can I hire someone at turbo tax to walk me through it all when I do the taxes next year for this? Also, do I need to do some kind of separate tax return for an LLC? As you see, I am not experienced with this at all. I'd rather not hire an accountant as I'm pretty good at doing all of this if I know the rules. I'd love to hire experts at Turbo Tax to help next year if that is possible. Please advise.
