jhu1
New Member

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!