My question(s) are: Can I declare the $4,000 as a tax deduction on my personal tax statement? You can NEVER double dip.... expenses ONLY goes on the corp return. However the seed money you infused into the business is not income nor a deduction ... it is an increase in your basis.
Or should only declare it as a loss on the LLC tax statement? Again it is not a "loss" ... what you do report is the expenses the business incurred ... what the seed money paid for ... like if you paid for supplies, inventory, etc.
Can I declare it as a tax deduction for my personal taxes and as a loss for the LLC tax statement? Again... no double dipping allowed.
If this is your first Scorp return I highly recommend you seek local professional assistance to get educated on these basic accounting theories and how to complete a corporate return ... and if this is the 2018 return it is now VERY late and the penalties are piling up.
