LeonardS
Expert Alumni

Investors & landlords

You may be able to deduct some of your expenses even though you never opened your business.

 

The IRS will allow you to deduct capital expenses you had in your attempt to start your business.  Capital expenses would include fees paid to the state or other taxing authorities to establish your LLC. 

 

You can not deduct any expenses prior to making the decision to start your LLC.  These expenses would include the costs for a general search or preliminary investigation into the possibility of establishing your LLC.

 

This link is to IRS Publication 535 Business Expenses that has information that you may find useful.

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