CPA Business Tax Consultation
Budget: $10 – $30 USD
I have a specific tax question I need answered.
Our multi-member LLC formed this year has about $40,000 of expenses, and no income. Being taxed as a partnership, can we carry this loss forwards to next year to deduct from our future profit?
Additional info: We convert cargo vans into luxury campervans. The vehicle and materials were purchased this year, but the van will not sell until next year.
Thanks!
Our multi-member LLC formed this year has about $40,000 of expenses, and no income. Being taxed as a partnership, can we carry this loss forwards to next year to deduct from our future profit?
Additional info: We convert cargo vans into luxury campervans. The vehicle and materials were purchased this year, but the van will not sell until next year.
Thanks!