USA LLC, tax return for 3rd quarter, expenses incurred in first and second quarter

Joined
Dec 6, 2016
Messages
1
Reaction score
0
Country
United States
Hello,

My company is LLC, so I pay taxes quarterly.

I started my company in March.

The company started earning income in August but before that I had many business related expenses in January-July.

Now I am paying taxes for the third quarter (July-September).

May I include business expenses made in January-July (1st and 2nd quarter when my company did not earn income yet) in the third quarter business tax return?

Thank you.
 

DTA93433

VIP Member
Joined
Jun 14, 2016
Messages
113
Reaction score
10
Country
United States
For purposes of calculating 3rd quarter estimated taxes, yes, you should include expenses incurred in the 1st two quarters of 2016. Note: you should be filing though only one return for (a short year) 2016. The taxes owed will be based on net profits (income).
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,782
Messages
27,851
Members
21,793
Latest member
nextgenaccountant

Latest Threads

Top