Bbq Smoker Trailer
Can we deduct the original cost of our business that has not made a dime?
We bought a concession trailer barbecue in 2008 and has not yet opened – we had a place we were going to rent to operate outside of what has fallen through as we are always research. We have a Federal ID #, and are an LLC. So far, we have spent money on the trailer, a smoker, trailer furnished, purchased the cards, etc. Can we write this off as the cost of starting a business or wait until you sell something? ** We are going to the PCA in a few weeks, but I'm just curious. Thank you!
I am a CPA. You are smart in creating of an LLC for a new business. You can deduct any of your startup costs. Its assets will establish and taken for lost during its life. If you have any franchise fees, which does not sound like you do, you may have to repay over time. It has also been invited to select the cash basis method. In the method of cash that will remove things like wages and recognition of revenue and as you get what you want to select it. As LLC, all taxable income or loss flow directly to your tax return, the LLC pays no income tax.
Bbq Trailer Smoker- Sunday test run