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April 16, 2023
Question

Start Up

  • April 16, 2023
  • 1 reply
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My wife retired from her public service job in October.  She registered a consulting LLC with her as the only employee.  Due to her previous position and ethical code, she is not permitted to solicit work in her field until this year.  She has zero income from her LLC in 2022.  Should she wait to claim startup costs as deductions against income in 2023?

1 reply

April 16, 2023

she can't deduct start-up costs until she starts actively conducting her business which won't be until 2023.