I started a LLC last year in NYC... did not make any money, but is there a tax break for that?

ryanwilliambaile — Sat, 01 Jun 2019 06:52:46 GMT

Unfortunately no, there is no special tax break for start...

DS30 — Sat, 01 Jun 2019 06:52:48 GMT

Unfortunately no, there is no special tax break for starting an LLC for federal income tax purposes but there is a NY state incentive program ( START UP NY ) that you may be eligible for depending on the location and type of business.

Additionally, as long as your LLC was started during the tax year and was in business to make profit, then you will be able to deduction all related business expenses from the time the LLC started business until the end of the calendar year.

If LLC treated as disregarded entity then you have a Schedule C filing that is attached to your personal income tax return. You would be able to enter the LLC expenses regardless of if you have LLC income.

Once you have signed into your TurboTax Account (for TurboTax Online sign-in, click Here , then select "Take Me to My Return"), type "Schedule C" in the search bar then select "jump to Schedule C".

If LLC treated as a separate entity, then you will have a business return filing (1065, 1120, 1120S) and will need to use TurboTax Business to filing this LLC business information. (You will need TurboTax Business, you can purchase a downloadable copy here ). You would receive a K-1 and your report your K-1 information on your tax return.

topic I started a LLC last year in NYC... did not make any money, but is there a tax break for that? in Get your taxes done using TurboTax

I started a LLC last year in NYC... did not make any money, but is there a tax break for that?

Unfortunately no, there is no special tax break for start...