How should I account for the financial losses by my LLC?


1

All the investment to my company now is my time and skill. But I do have to pay out of my own pocket for elance, cloud computing, etc. These, based on my understanding, would be counted as "loss" of my company, is that true? And how could I file in tax return the losses?

LLC Tax

asked Jan 13 '12 at 08:32
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Tom
197 points

1 Answer


2

First you need to locate an accountant in your country to assist you in filing taxes there. You should ask him to explain what a business expense is. Once you know what a business expense is, you can sort your bills into business and non-business piles. Then gather your data for all your income from that business. Your accountant will show you how the business expenses get deducted from your business income. Generally, you can't subtract losses from one business from your income from another source.

answered Jan 13 '12 at 08:42
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Gary E
12,510 points

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LLC Tax