How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31022
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Business Law Question Here...
Roger is online now
A new question is answered every 9 seconds

I want to create an LLC thru Legalzoom.com. We are still putting

This answer was rated:

I want to create an LLC thru Legalzoom.com. We are still putting together our business strategy. If I buy equipment now before I start the firm, will it still be deductible as a business asset if I form the LLC in 2013 before I file taxes. I.e. do I have to wait until I have an LLC before I start buying equipment for it?

Thank you

Hi - my name is XXXXX XXXXX I'm a Business litigation attorney. Thanks for your question.

 

Equipment purchases made prior to the business being created are not considered startup expenses under federal tax guidelines, BUT the expense can be written
off through depreciation.

 

Here's a good article from the Small Business Administration that outlines this and other factors regarding start-up costs: http://www.sba.gov/community/blogs/community-blogs/small-business-cents/startup-cost-tax-deductions-%E2%80%93-how-write-expense

 

I hope this answers your questions, but if you have others, please REPLY and I'll be glad to respond. Thanks.

Roger and 4 other Business Law Specialists are ready to help you
Hi

Please let me know if you have any additional questions related to this issue. Also, please positively rate our conversation so that I may receive credit for my research and response.

Thanks,

Kirk

Related Business Law Questions