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- Oct 16, 2023
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For the past 10 years I've been working on a specifically designed set of machines and custom molds, buying and using 3D Printers, lathes, metal and other materials to make these specific molds and machines to produce parts. Now that I am getting close to the point where I can have a complete line of tooling to produce parts and sell them, I'm learning more about business structure, taxes, accounting, etc.
I received mail addressed to my company, but never had any income, never sold anything and never produced something I could sell (yet). Never filed any taxes or anything either (I know, but not having any sales, it didn't seem urgent at the time).
Now that I'm getting all the bookwork and related paperwork in total order, and getting closer to making and selling parts, is there any way my LLC can claim any credit/write off for the previous 10 years of out-of- pocket expenses, time, research and development, machines, materials and etc. against next year's profits as I make and assemble parts from these machines?
I received mail addressed to my company, but never had any income, never sold anything and never produced something I could sell (yet). Never filed any taxes or anything either (I know, but not having any sales, it didn't seem urgent at the time).
Now that I'm getting all the bookwork and related paperwork in total order, and getting closer to making and selling parts, is there any way my LLC can claim any credit/write off for the previous 10 years of out-of- pocket expenses, time, research and development, machines, materials and etc. against next year's profits as I make and assemble parts from these machines?