Ask an Accountant

Question
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.
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

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

Followup question?
Ask away.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Got a different question? Ask our accountants.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Discover the tax write-offs you've been missing

Keeper Tax automatically finds tax deductions among your purchases. On average, people discover write-offs worth $1,249 in 90 seconds.

Download Keeper Tax→