I formed a sole proprietor LLC in JULY 2020. I sell via e-commerce. Got late start in 2020 due to other obstacles, did not make a profit. Am I able to deduct my home office expenses & online coursework I purchased? I also receive monthly retirement check.
Answered by Melissa Pedigo, CPA ·
Yes, you can still deduct those items. Depending on your specific tax situation and the tax situation for the LLC, some of the losses may be carried forward to a future year.