How to Write Off Startup Expenses in 2024

I formed my LLC in December 2023. However, no sales or income will occur until early 2024. I've also delayed purchasing sratup costs (laptop, software) until 2024. Would i use the 5,000 deduction in 2024 when i have actual slaes or in 2023 wheni formed the llc but have no income or return to file?

QUESTION: Would airplane flight training (~$100k) be deductible if I was able to work as a contract-for-hire pilot (1099, or billed through the LLC); and not as an employee at an airline?--Could I roll-over the remaining deduction for 3 years?

Great explanation, thank you

You earned yourself a subscriber. Thank you for putting this together.

What about equipment or software purchased to start the business. Example, a laptop and quickbooks for a bookkeeping business

Thxxx broo

Great video. But you missed .. how to claim the deduction on 1065 partnership ?
Also. After talking $5k deductions 1st year. Can your also get the amortization starts 1st year as well? Meaning. Let’s say there is 20k stray up cost. Can I take 6k 1st year ( 5k + 1k amortization ). Thank you.

My wife and I have a single member LLC. We paid for some business expenses with our personal credit card before our business card came in. How do we reimburse ourselves from our business bank account? Do we need to categorize the reimbursement as something specific? We'd like the expenses to be tax deductible as opposed to an owner distribution. We use Wave for accounting.

So do I just put 5000?

Man, your explanations and examples are so very clear. I am glad I found your channel. Color me Subscribed!

How is “launch” of the business defined, specifically? Is is it your first sale/transaction or a certain threshold in revenue?

How long do you have to claim startup costs after you register your LLC? 1 year?

Great information!

Great stuff, thanks!

Do you know if startup/organizational costs can include material to start a home-bakery? E.g. a mixer, baking sheets, a laptop to launch a website, is home rent also deductible?

What is im buying a business for 550k on an sba loan which is 13.500/mo or 165k per year in payments and the business makes 200k?? would it be 200k net -165k for the cost to acquire business so tax burden is 35k?

Hey do y’all have a video or info anywhere on general expenses. I’m planning on starting a business within the next year or so and I have very basic business knowledge. It’s going to be a service business with less than 3 employees. No office space. I have a list of things like- machine payment, labor, maintenance, fuel, insurance, profit for growth, consumables. I wanted to make sure I go into it with as many expenses figured as possible

My LLC was formed in Oct 2021 and I did a filing for that year. Given that it was only 2 months of 2021, Can I still deduct up to 5k of startup costs when I file for 2022?

I need an accountant ASAP first year in business and it’s a lot

If my business is completely set up / legally & legitimately, but has not made any sales because we have not opened for business, am I still able to write off start off expense on my business taxes? Or only if sales have been made?

Business start-up cost question 🤔
I bought a truck for $30,000, this 1st phase of my business failed, I sold the truck for $23,000 only, is there any tax deduction that I can use for it?

So for supplies to start business like printers, desk, chairs, computers, can those be deducted? What category do they fall under?

Thanks exactly what I was looking for.

Can I write off start-up expenses on my personal returns, too? I know I'll write off the start-up expense from the business tax return but since I paid out for the expenses of my pocket, can I write off the same expenses from my persona return

Im lost. I don't get it smh

I thought in there was a publication for educational cost. You mention research cost does not count 🤔.

What would be considered organizational costs?

Can we still do this if we started the business in October and haven't made any money yet

Thanks!! Is acquisition of a software tax deductible??

I had a business that I was doing but not making any real money just losses. How can I start fresh with a new business ?

Another Gem. Thank you

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First

THANK YOU FOR MAKING THIS VIDEO!!! :)