Hi, I made a big mistake and now need advice.
I am a US
citizen sending a cargo container of used bicycles from Japan to Ghana. Once I sell them in Ghana, my friend's company that I am selling to is going to wire me back the money.
The problem is since this was my first container I didn't form
a company and paid for the container which cost me $8,467 USD out of my own personal
checking account. My profit is going to be $1,660 USD. Which means I am going to be wired $10,127 USD all together.
The truth is I'm actually losing money on this container. I had to fly to Japan, fly to Ghana, and pay for the shipment. This is my tester container so I am okay with that but I want this to be represented in my tax
If I form a company now, can I use my previous receipts as write offs before the company was formed? I don't want to make this look like I am profiting $10,127 USD when I'm not!
What do I do?