My partner and I organized an LLC, began acquiring equipment for a small nano brewery, and spent some money brewing test batches last year. (2016) We spent around $20K. Now a tax accountant is telling us none of our expenditures are deductible in 2016 because we don't yet have our license and have no revenue. So therefore we are not doing business yet. Are others in this situation getting the same answers from your accountants, or is mine just way too conservative? We thought we could prepare a 1065 and K-1s showing all these expenses and write at least some of them off on our 2016 personal returns.
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Income tax issues in startup year
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Originally posted by SteamDonkey View PostHes correct. I am opening next month and have spent all of last year building out and buying equipment, however because I was not in operation my accountant told me the same thing.
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Originally posted by Brandjes View PostDon't tell the TTB you are brewing on your equipment in your facilities before getting your notice. That's a no no.
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