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April 6, 2020
Question

I have started programming work on 2019 which was a side work (Started 0n Feb 2019 and stopped on Oct 2019) ,I started my LLC Company on Aug, how to fill up expenses?

  • April 6, 2020
  • 1 reply
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How to include assets expenses that have no receipt?

1 reply

April 6, 2020

To report your expenses for the Single Member LLC,  you go to

  • Wages & Income
  • Self-Employment
  • Self-employment income and expenses

The Income and Expenses for a Single Member LLC are reported on your personal tax return on Schedule C.

 

If you have no receipt for the asset and take a deduction for it, on your tax return, you are running a risk.  If the IRS questions the expense, you need to have a receipt for the purchase.  Without a receipt the IRS will not allow you to take a deduction on your tax return.  Once they disallow the deduction, you will be assessed taxes, penalties and interest on the deduction.

 

@arash_ra

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