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.
Dr. Friday 0:12
Many times people start out companies. Most of the time it starts towards the end of the year, maybe you don’t have a lot of sales or maybe you just got it started and 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 to 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 K1 pass-through company you cannot deduct $5,000 as a loss. This is important. Call me 615-367-0819
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.