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Business & farm
2020 began working with and paying for cosultant to develop new business concept, travel expenses related to finding commercial space to lease etc... didn't get open that year, but a lot of expenses. 2021, a whole lot more expenses from consultant, legal, financing, equipment etc, still not open in location... and only had a very small $100 income at end of year from off-site sale of our product, but close to $20k expenses. Business is single member LLC so pass through to personal return. I also have w2 income.
Is it an issue to write the expenses off on 2021 return?
Thanks!
‎November 25, 2022
12:35 PM