Hi,
I few months ago I started a business but with the end of the year coming up soon I'm anticipating that there's not going to be much in terms of income cause its just been taking a while to really market myself (online work so far).
So I filed for an LLC (upon recommendation) about 2-3 months of doing work for it and investing in it. I've kept record of all my expenses and the limited income that I have gotten, but I haven't yet opened a bank account which I know is required for an LLC.
Considering my current situation with income I'm starting to get concerned about my taxes for next year (and my own limited income is heightening that a bit). So I have some questions:
1. Should I even bother to keep this LLC that I registered or just cancel it and go to sole proprietor?
2. If I were to keep the LLC and have a separate business account, how do I actually list all of these expenses that I've had for starting the business that I've made personally to be sure it is written off?
3. When opening the account, how much should I put in there?
I few months ago I started a business but with the end of the year coming up soon I'm anticipating that there's not going to be much in terms of income cause its just been taking a while to really market myself (online work so far).
So I filed for an LLC (upon recommendation) about 2-3 months of doing work for it and investing in it. I've kept record of all my expenses and the limited income that I have gotten, but I haven't yet opened a bank account which I know is required for an LLC.
Considering my current situation with income I'm starting to get concerned about my taxes for next year (and my own limited income is heightening that a bit). So I have some questions:
1. Should I even bother to keep this LLC that I registered or just cancel it and go to sole proprietor?
2. If I were to keep the LLC and have a separate business account, how do I actually list all of these expenses that I've had for starting the business that I've made personally to be sure it is written off?
3. When opening the account, how much should I put in there?
via Small-Business-Forum.net http://www.small-business-forum.net/accounting-taxes/10227-new-business-filed-llc-but-little-income.html
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