Background: Two friends and myself created an LLC based in Indiana back in January. Since then we have been developing a website with the help of a contracted third party and using funds we have provided. We are still in development on the same project and have paid aprox $6,000. Now it's come time to file!
I spoke with a CPA about doing our taxes for us and the estimate was a bit over our heads as we have no income yet and everything's out of pocket going to the business. However, he did give a final bit of advice which is why I post. He stated that because we're still on the same project, we could consider this a "work in progress" and carry it over into 2014. This would eliminate the need to file this year and we would lump everything together next year. However, all of this was prefaced by saying "While filing a return for 2013 would be proper, I would argue....."
Therefore, I'm left with a few options:
1) File through a common online source, Turbotax, and try my hardest to get things right (1st time filing!)
2) Ignore the issue and lump everything together for next year.
If you have any ideas on how to play things and have experience with a similar issue, please let me know!
I spoke with a CPA about doing our taxes for us and the estimate was a bit over our heads as we have no income yet and everything's out of pocket going to the business. However, he did give a final bit of advice which is why I post. He stated that because we're still on the same project, we could consider this a "work in progress" and carry it over into 2014. This would eliminate the need to file this year and we would lump everything together next year. However, all of this was prefaced by saying "While filing a return for 2013 would be proper, I would argue....."
Therefore, I'm left with a few options:
1) File through a common online source, Turbotax, and try my hardest to get things right (1st time filing!)
2) Ignore the issue and lump everything together for next year.
If you have any ideas on how to play things and have experience with a similar issue, please let me know!
via Small-Business-Forum.net http://ift.tt/1mSOX7b
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