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May 5, 2020
Question

Sole owner LLC first 6 months of buisness in 2019 earnings $2092.33 expenses are all trainings -13,990.43

  • May 5, 2020
  • 2 replies
  • 0 views

how to write off the start up not making money yet as Sole owner LLC psychotherapist the item is Trainings/education.  I see I can write off $500 as start.  Is that the limit?  

Since I have not made a profit will need to bring that forward to 2020.  

Is turbo tax Home & buisness the wrong software?  The online staff were miserble to respond to my questions. They do not know the products to allow for informed purchase.   You need to offer a means to put in key details for current and future expectations for those seeking these purchases to be guided to correct products.  

 

how do I do the carryover to 2020? 

[email address removed]

 

 

2 replies

May 5, 2020

when did you conduct an actively for your business to get customers? example putting out ads. 

May 5, 2020

Was the education/training done BEFORE  your business actually started (open and ready for clients)?  Or was it done afterwards?

 

Training/education to get into a new line of work does NOT qualify as a business deduction.  Does that disqualify your deduction?