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New LLC (Domestic Limited Liability Partnership) , Startup Costs, No Income yet
Hi, we have a new farming venture and need some guidance. We should've waited to "open for business" until 2023 but chose to officiate things on 12/30/22 as we were concerned we wouldn't be able to write off our expenses. Now we know we could've done this in 2023. Oops. We have no income yet and we didn't spend more than $5000 last year. As Turbo Tax walks you through the expense portion first, we entered our expenses but they are Really startup costs. We assume we move those "Expenses" to "Startup Costs"???? Do we then need to itemize every expense as a startup cost since it wants to know the date Incurred or can we put multiple items under one word (like "supplies" for things like seeds, plants, hose, hand tools, uniform, etc)? Also, if we are entering multiple items under one word, what date do we list for being incurred if there were multiple dates?