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   Question    posted to Accountants on 09/23/08 06:02 PM, Yonkers, NY 10705
I formed an LLC a few months ago in 07/08 and I haven't sold a product or provided a service as of yet.  Can I still expense fuel, garage, some meals, entertainment, etc. come tax time?

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Specialist Answer 1 of 2
   Answered By     A & J Tax Prep, 09/24/08 01:05 PM
A & J Tax Prep
109 Croton Ave
Ossining, NY 10562
914-941-2055
ajtaxprep@hotmail.com
View Business Info

You can expense all of your business expenses whether or not you have any income when you file your year end tax return. Depending on you status a separate income tax return would be required for the LLC. In some instances the income and expenses could be reported on your personal tax returns.

Specialist Answer 2 of 2
   Answered By     Midler Bruce, 09/25/08 11:57 AM
Midler Bruce
1700 Central Park Ave
Yonkers, NY 10710
914-793-2311
brucemidler@yahoo.com
View Business Info

YOU CAN TAKE AS  TAX DEDUCTION ANY EXPENSES YOU INCURRED WHICH ARE PART OF THE COST OF GETTING OR DOING BUSINESS. I WOULD NOT GO OVER THE DEEP END WITH EXPENSES OR THEY MAYBE CONCIDERED "START UP" EXPENSES WHICH YOU WOULD HAVE TO CAPITALIZE AND AMORTIZE OVER 15 YEARS. IF YOU HAVE ANY OTHER QUESTIONS PLEASE CONTACT ME.

I WOULD BE HAPPY TO HELP YOU WITH WHATEVER QUESTIONS YOU HAVE. I SPECIALIZE IN SMALL BUSINESS AND DO A LOT OF "HAND HOLDING", INCLUDING BOOKKEEPING. TAX FILINGS AND SETTTING UP SYSTEMS TO HELP YOU RUN YOUR BUSINESS EFFICIENTLY AND HOPEFULLY PROFITABLY. I WOULD BE HAPPY TO FURNISH YOU WITH OTHER NEW SMALL BUSINESSES I HAVE HELPED.

BRUCE MIDLER (914) 793-2311

 

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Answers From Our Forum
   Forum Answer     01/14/09 03:46 PM
There's a site www.businessempiremag.com that may help you find your answer as well. They have a large community that submits business related information and help you as well
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