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I am trying to figure out how I should file taxes. I started…

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Hi Richard - I am...
Hi Richard - I am trying to figure out how I should file taxes. I started a new business (hair salon) but spent most of last year remodeling and purchasing. I have applied for a Single Member LLC but have not received documentation from the state yet. I have A LOT of expenses from last year with less than 10k in income. Could I wait until next year to file all the business expenses under my LLC or what would be my best method for filing taxes?
Submitted: 3 months ago.Category: Business Law
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3/27/2018
Business Lawyer: Richard, Attorney replied 3 months ago
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 57,028
Experience: 32 years of experience practicing law and a businessman.
Verified

Hi there. I'm tied up in a closing today and most of tomorrow and I want you to get a timely response. Therefore, I am going to opt out to open your question up to all experts so another expert can hopefully timely provide you the information you seek. Please do not respond to this post as it will only slow the process of such an expert picking up your question. Take care.

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Business Lawyer: WiseOwl58, Attorney replied 3 months ago
WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,560
Experience: Senior Associate at White & Case LLP
Verified

No you have to file the business expenses in the year in which they were incurred, and you would have a loss for the LLC. If you submitted the paperwork to the state, the LLC should have been formed.

You can check it on the California Secretary of State website business search here:

https://businesssearch.sos.ca.gov/

Please rate five stars ***** and by clicking on five stars ***** and press SEND.

A bonus is always appreciated after you rate.

Good luck to you. I wish you all the best.

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