I have a full time job. I also have an LLC with one member. I did not earn any money with LLC. I lost money. would that be tax deductible?
I lost money in LLC because of expenses like website etc.
The LLC is basically inactive because I did not get any projects.
Can I sort any sort of discounts or deductions for these overheads and expenses?
- antoniusLv 71 month ago
That depends on how you file your taxes. If you file including your pay and the LLlC filing separately, then if you earned nothing you pay no taxes on that LLC. The same applies to
any other income.
- Anonymous1 month ago
Yes you can use a business loss to offset other income.
However, be aware that the IRS doesn't take too kindly to this if you do it repeatedly. You can't operate a hobby as a business loss year after year. I mean, why would anyone do that other than to evade taxes on their other income?
- JudyLv 71 month ago
If you are just starting the LLC keep the receipts. When you get open for business you can amortize startup expenses.