Question

Personal LLC

Forum|Forum|1 year ago
March 10, 2025
1 reply
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I have just signed up for a personal LLC. I have an EIN number. I have expenses but no income. I bought Turbo Tax Home and Business. Do I need to report the expenses. Do I need to set up the company in turbo tax?

T

ThomasM125

If the business was not up and running, you shouldn't report the expenses or the LLC on your tax return. You will deduct them as start-up expenses when you are up and running. Otherwise, you can enter them in the self-employed section and take a deduction for the expenses even though you have no income. Up and running would mean you were actively seeking customers or clients and able to service them.

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