I'm starting a land management company in the next month. But I have a tool I need to buy before I get a chance to file all the paperwork to properly register the LLC. Are these still eligible for deductions since I need them for the business? I just need to grab it while they're still available.
I'm starting an LLC soon, but need to buy a tool immediately while it's still available. Can I still deduct them if I purchase them for the company before I get it officially launched?
byu/punished_pine intax
Posted by punished_pine
1 Comment
Having an LLC has no effect on the deductibility of legitimate business expenses. People without an LLC must report their business income and expenses on Schedule C just as you likely will assuming your LLC is disregarded for federal income tax purposes