I incurred expenses in 2009 preparing to start an LLC , in 2010 can these expenses be used for...
taxes? While preparing a Real Estate Investment and eCommerce Website LLC business I invested in mentor programs, training and training materials, web design and ecommerce systems etc. I was not able to get a business license or finish the LLC process. In 2010 after I get my business license and LLC will I be able to use any of these 2009 expenses to offset my 2010 business taxes?
The costs you encountered before being able to pursue revenue are start-up costs. They must be amortized (except for the first $5,000 if the total start-up costs are below $50,000; then the $5,000 phase out). Some costs are organizational costs and can be expensed. Typical organizational costs are licensing and other fees.
You should check with an accountant or go to the IRS website to learn the exact details.
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