Me and my wife just started a business and filed for an LLC this year. I've spent some personal money for materials to start us up. We don't plan on making any types of revenue/profit until next year, but we do need to spend quite a bit to get us started ($10k). Also, I am employed. Is there any thing that I can do about the "investment" I am putting into our business today from a tax perspective? Also, this year we plan on filing married/jointly with 1040 form. Is there a need/benefit to any other form we should/need to do? Also, is it best to purchase what we need this year, or wait until next year?
Your expenses can be expensed by the business, if used to start the the business. Generally, a business expense must be ordinary and necessary to qualify for a deduction. Some common deductions can include communication costs, office supplies, license or permits, mileage, advertising costs, professional fees, liability insurance, banking fees, and health care premiums.
Married Filing Joint (MFJ) is the best status because it has the most allowance for deductions. However, it all depends on your individual situation.
Our free Tax Caster tool can help you estimate taxes for next year. Please use the link https://turbotax.intuit.com/tax-tools/calculators/taxcaster/