Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Many times people start out companies and, let’s be honest, it starts towards the end of the year. Maybe you don’t have a lot of sales or maybe just got it started in just in operations but never really got it off the ground yet. Remember, LLC members can deduct startups and organizational expenses incurred during the company’s first year of operation up to $5,000. So sometimes you can get a little head start, get a little tax advantage or relief on taking some of those losses. If you did not put $5,000 in a business in a K-1 pass through company you cannot deduct $5,000 as a loss
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