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I started a small one member LLC last year. I only made 200…

I started a small...

I started a small one member LLC last year. I only made 200 to start a project (in October) and the rest will be paid this year. Should I file for last year and deduct all the expenses which are more than what I showed making or because it was such a small amount can I roll over my expenses for this year? I actually started the business on January 1st but didn't create my business name until October. This leads me to a second question, can I say I started my business in January or does it start when I filed?

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3/9/2018
PhillipsEsq.
PhillipsEsq., Attorney-at-Law
Category: Tax
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Hello: This is Phillipsesq. Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Your Questions:

I started a small one member LLC last year. I only made 200 to start a project (in October) and the rest will be paid this year. Should I file for last year and deduct all the expenses which are more than what I showed making

Response 1: Yes,

or because it was such a small amount can I roll over my expenses for this year?

Response 2: No. For more information on deducting business expenses, click here.

I actually started the business on January 1st but didn't create my business name until October. This leads me to a second question, can I say I started my business in January or does it start when I filed?

Response 3: Started the business in January when you started buying inventory and other necessary items for the business. For more information, click here.

Goodluck with your venture,

A 5-star positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating. However, that is how I get paid for answering questions on this site.

Thank you for your cooperation.

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Customer reply replied 4 months ago
Should I rate the answer now, or can I ask another question before I rate the last one.

You can ask a follow-up question before rating.

Thanks!

PhillipsEsq.
PhillipsEsq., Attorney-at-Law
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