Hello! Coming up on filing taxes for the first time on my LLC. Couple questions:

For context I started a clothing brand:

All in all this year, when looking at my expenses, which include the cost of the machines that I purchased to create my product, as well as the supplies I needed, I spent about $20,000.

As anticipated, when I first drew out my business plan, my expenses will out way my revenue, but I’m on pace to start seeing profit next year.

Even though my business technically lost money this year, can I still claim credits on my taxes for all of my expenses?

Is there anything in particular to the first year of taxes with an LLC that I should be keeping in mind, any tips/tricks that I should consider?

Any advice is appreciated, thanks!

    • dhumpherys@alien.topBEnglish
      1·
      1 year ago

      THIS 100%

      I only spend about $350 bucks to do my business+personal taxes. I write down all the related costs and stuff and give it to them. It would take me HOURS to do it and I still wouldn’t feel confident.