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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.
AI accountant’s answer:
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.

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Answer
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.

No answer given yet!

Melissa Pedigo, CPA

Melissa Pedigo has been a CPA for over 20 years and she is one of the only CPA copywriters in the world. With a vast knowledge of U.S. tax and accounting, she’s able to write about tax and finance topics from a unique perspective...as an industry expert. When she’s not writing or being an accounting nerd, you’ll find her watching and playing tennis, reading, tending to her half-grown garden, and studying foreign languages

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