My husband and I started a small business selling on Amazon. There was no income in 2023, only planning and only had expenses/startup costs. Our first sale was in March 2024. We formed an LLC, and we live in Texas. Here are some questions:
- On the Schedule C, what would be the start/acquire date of the business? Would it be Sep 2023 when we received the LLC Certificate of Formation or March 2024 when we made our first sale.
- Do we file a Schedule C for this business for the 2023 return or do we wait until 2024 since there was no income in 2023?
- If we wait until 2024 to file, will we be able to deduct the startup costs incurred in 203?
