In 2006 we were in the process of starting up a business. We still are in that process. In 2006 we got our LLC, and we have spent money on used equipment, and money on repairing that equipment. We also had non-equipment business expenditures, but the equipment purchase of $16,000 was about 77% of our 2006 business spending.
My question is, would we be able to claim these 2006 start-up expenditures on our 2007 taxes when our business will be up and running?
Perhaps I need to be refered to a quick online source for this simple question. We look forward to having a professional tax specialist do our taxes for our business. At this time I`m just trying to figure out for which year we will need her/him.
Thank you for any help you may offer..