Hey I built 2 mining rigs a couple months ago totaling around $12k in expenses that should generate an estimated yearly income of lets say $6,000 although its extremetly variable. If I wanted to setup a Sole Proprietorship for this business is there a way to defer the expenses into the next year? For this year I would only have around $1,800 in revenue with around $400 in electricity cost to deduct and want to see the best route to take to pay less taxes in 2022. If I am not able to simply defer it another thing I was thinking of is not creating the SP till January 2022 and expensing it then since I beleive I can add in previous business expense even if the reciepts show they are purchased in 2021. I know I'd then lose out on any deductions this year but it would be worth it for next year. Please let me know if either of those options work or if there is a better option.
