D
dickens
My partners and I started a business midyear '06. The business is not
operational and still in the planning stage. We have incurred minimal
expenses thus far:
5/26/2006 11.18 Godaddy (Annual Domain Name Fee + 2 months of server
space/DB access)
7/14/2006 48.51 NOLO LLC Book
7/27/2006 188.99 Turnkey Web Tools
7/26/2007 3.99 Godaddy (Server Space charge)
8/5/2006 47.72 Best Software Accounting
8/9/2006 44.98 1 & 1 Internet (3 Mo.)
8/23/2006 203.86 Windows XP Pro (2 Copies)
8/30/2006 5 Google Book
9/21/2006 45 Registered Agent Fee
10/30/2006 120 Certificate Of Formation Fee
11/8/2006 44.98 1 & 1 Internet (3 Mo.)
764.21 Total
Us three partners have each incurred 1/3 of the cost equally.
Questions:
1.) How would I classify/post these expenses for internal accounting
purposes?
2.) Does the business have to file a tax return even though we are not
operational? The business is registered in Deleware as LLC.
3.) Do these expenses incurred trickle down to our personal tax returns
and reduce our taxable income?
Thanks,
Joe
operational and still in the planning stage. We have incurred minimal
expenses thus far:
5/26/2006 11.18 Godaddy (Annual Domain Name Fee + 2 months of server
space/DB access)
7/14/2006 48.51 NOLO LLC Book
7/27/2006 188.99 Turnkey Web Tools
7/26/2007 3.99 Godaddy (Server Space charge)
8/5/2006 47.72 Best Software Accounting
8/9/2006 44.98 1 & 1 Internet (3 Mo.)
8/23/2006 203.86 Windows XP Pro (2 Copies)
8/30/2006 5 Google Book
9/21/2006 45 Registered Agent Fee
10/30/2006 120 Certificate Of Formation Fee
11/8/2006 44.98 1 & 1 Internet (3 Mo.)
764.21 Total
Us three partners have each incurred 1/3 of the cost equally.
Questions:
1.) How would I classify/post these expenses for internal accounting
purposes?
2.) Does the business have to file a tax return even though we are not
operational? The business is registered in Deleware as LLC.
3.) Do these expenses incurred trickle down to our personal tax returns
and reduce our taxable income?
Thanks,
Joe