Thanks in advanced,
I setup an LLC with a tax structure as an S-Corp back in September 2019. I used personal income to cover the costs to start up the LLC (approximately $4,000). The LLC has not yet begun selling product, however I am aware that I must prepare the LLC's taxes for the 2019 tax year.
My question(s) are: Can I declare the $4,000 as a tax deduction on my personal tax statement? Or should only declare it as a loss on the LLC tax statement? Can I declare it as a tax deduction for my personal taxes and as a loss for the LLC tax statement?
Thanks so much for your time!
Respectfully,
Andrew B.
