Filing Taxes for an LLC

[mikerichx3]

Hello Guys,

I have a question about filing taxes for my LLC that is in status for completion in March 2015. I did spend on some items and etch for my business. What should I do? Can I file or wait for next year? I currently have a certificate of reservation from NY and is currently waiting for the processing to go through. Thanks

[Freelancier]

Wait a sec... are you saying that the LLC was not created with your state before 11:59pm on 12/31/2014? If not, then it didn't exist for last year's taxes. If it was created and you got confirmation from the state that it had been created before the end of last year and you had activity last year related to the LLC, then you need to file a schedule C with your personal taxes (assuming this is a single-person LLC; if it's a multi-person LLC, then the filing requirements are different, but the timeline I'm explaining is still the same).

[mikerichx3]

Hello Freelancier Well I have received the certificate of reservation which holds the name for 60 days on January 2nd 2015. But I have bought things for the business before in 2014 I work for myself. My question is can I deduct anything or no?

[Freelancier]

The reservation just reserves the name, it's not the creation of the LLC, which requires a separate step (although many states let you combine the steps). So... you don't have an LLC. You have an expense, so you can either hold it and put it against the LLC when you finally get that ramped up or you can put it against your current business (but if it's an asset, the current business then owns it, not the LLC).