I`ve been a CPA since 1991 and I`ve seen too many people too confused about taxes. This confusion has caused them to unnecessarily pay more taxes than is required by law. I hope through my own CPA firm (http://GLGcpa.com) as well as my publications (http://TaxTreasures.com) I can help as many people as possible reduce their tax burden.
If they were capital purchases I would put them on the return and not depreciate them until they begin being used in the business. This will save those deductions for future years. You won`t get accelerated depreciation, but you will get depreciation.
Did you mean 2008 perhaps or have you failed to file your 2007 income tax return on time?
Aside from that, the general rule of thumb is that if you were "open and able to take customers" then you can usually deduct the expenses. However, in a situation such as yours I would make sure that your tax preparer is comfortable with the situation, because it would be a high risk position to take.
I`m sorry to hear that you`re giving up. Most new businesses take up to 5 years to succeed. You may be selling yourself short, but if you feel the right thing to do is to throw in the towel, that`s your decision.
LLCs are created at the state level, so in order to dissolve it you would have to abide by state law. I don`t know what state you`re in, so I can`t help you there.
There are several situations when you would be required to file a NJ tax return even if you incorporate in DE, these include:If your corporation holds a general certificate of authority to do business in New Jersey issued by the Secretary of State, or Your corporation holds a certificate, license or other authorization issued by any other department or agency of New Jersey, authorizing the company to engage in corporate activity within New Jersey, or Your corporation derives income from New Jersey, or Your corporation employs or owns capital within New Jersey, orYour corporation employs or owns property in New Jersey, or Your corporation maintains an office in New Jersey, orYour corporation is a S-Corporation and your accountant was referring to the Individual taxes you would owe on your W-2 and K-1 income, orYour accountant was referring to the Individual taxes you would owe on your W-2 income
You should have a good enough relationship with your accountant that you feel comfortable asking him/her exactly what they meant and the best way to handle the situation.
Gina is required to file a New Jersey corporation return. A
foreign corporation that is a partner of a New Jersey partnership is
deemed subject to tax in New Jersey and must file a return.