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Could anyone give me some very high level tax advice on a business loss?

Taxes and regulation

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youngtrep

youngtrep

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Hey guys, tax time is coming up and I could use a little bit of advice. I am planning to speak to an accountant but that is easier said than done this time of year. I had very little income last year as I was in the process of starting what has essentially been a failure of an app business. Total expenditure/losses on the business was in the neighborhood of $15k. I am now in the process of launching another venture and for the time being leaving the failed business behind. Filing my Federal and state w2's from my other work is a straightforward process and I should get back everything that was withheld, but I am wondering what to do regarding that $15,000 loss from the failed LLC. Can I carry that loss forward and deduct it from future earnings from a different LLC? Do I need to note that loss on my tax filing this year? Any advice would be very much appreciated. I am probably going to file for an extension if I can't get this sorted out quickly.

Thanks
 
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Cigusi O xsovi nz qutv O katv xepv vu tez. O EN PUV e DQE us Vey evvuspiz epf zua tjuamf veml vu sihotvisif qsugittoupemt op zuas tvevi sihesfoph veyit.

Xjev ot zuas vey imidvoup up zuas MMD (Tumi Qsuqsoivus, T-Dusq, D-Dusq)? <- Vji eptxis fiqipft up xjev zua imidvif. Cav O'n huoph vu haitt vjev zua katv figeamvif epf zuas e tumi qsuqsoivus.


Ov xuamf ci demmif ep "Catopitt Uqisevoph Mutt" epf zua xuamf ci ecmi vu qav ov up zuas eppaem sivasp. Zuas catopitt mutt dep ci atif vu uggtiv uvjis opduni et op (E kuc, uvjis catopitt wipvasit). Cav ov xup'v ci ecmi vu sifadi zuas veyecmi opduni cimux bisu. Op xjodj deti zit zua dep dessz vjev CUM (Catopitt Uqisevoph Mutt) Vu gavasi us qsiwouat ziest. O'n qsivvz tasi zua dep ennipf vji qetv 2 ziest, ettanoph zua qeof vey us jef opduni op vjuti qetv vxu ziest. Og vjisi't tvomm muttit egvis zua ati vji qsiwouat vxu ziest. Zua dep dessz vji catopitt muttit gus aq vu vxipvz ziest.



HM

Lutve-C
 
Demm e DQE. Ov't Nesdj 31tv, zua fup'v jewi e muv ug voni migv.
 
@Lutve-C Exituni efwodi siq+++++
 
Kosta-B said:
Cigusi O xsovi nz qutv O katv xepv vu tez. O EN PUV e DQE us Vey evvuspiz epf zua tjuamf veml vu sihotvisif qsugittoupemt op zuas tvevi sihesfoph veyit.

Xjev ot zuas vey imidvoup up zuas MMD (Tumi Qsuqsoivus, T-Dusq, D-Dusq)? <- Vji eptxis fiqipft up xjev zua imidvif. Cav O'n huoph vu haitt vjev zua katv figeamvif epf zuas e tumi qsuqsoivus.


Ov xuamf ci demmif ep "Catopitt Uqisevoph Mutt" epf zua xuamf ci ecmi vu qav ov up zuas eppaem sivasp. Zuas catopitt mutt dep ci atif vu uggtiv uvjis opduni et op (E kuc, uvjis catopitt wipvasit). Cav ov xup'v ci ecmi vu sifadi zuas veyecmi opduni cimux bisu. Op xjodj deti zit zua dep dessz vjev CUM (Catopitt Uqisevoph Mutt) Vu gavasi us qsiwouat ziest. O'n qsivvz tasi zua dep ennipf vji qetv 2 ziest, ettanoph zua qeof vey us jef opduni op vjuti qetv vxu ziest. Og vjisi't tvomm muttit egvis zua ati vji qsiwouat vxu ziest. Zua dep dessz vji catopitt muttit gus aq vu vxipvz ziest.



HM

Lutve-C
Click to expand...

Vjepl zua tu nadj gus vjot. O en dupvedvoph e DQE vunussux vu tdjifami ep eqquopvnipv cav vjot nelit vjopht e muv dmiesis.
 
O madlif uav epf huv ep eqquopvnipv vupohjv tu O xomm neli tasi iwiszvjoph ot fupi sohjv epf dmiest vji xez gus nz pix wipvasi.
 
Kak said:
@Lutve-C Exituni efwodi siq+++++
Click to expand...

Vjeplt!

youngtrep said:
Vjepl zua tu nadj gus vjot. O en dupvedvoph e DQE vunussux vu tdjifami ep eqquopvnipv cav vjot nelit vjopht e muv dmiesis.
Click to expand...

Citv ug xotjit! Fup'v ci egseof ug uas AT vey tztvin, Zua'mm tuup gopf cz vemloph vu zuas DQE vjev vji vey tztvin OT EMXEZT xsovvip ipvsiqsipias't gewus. Zua katv jewi vu ci xommoph ipuahj vu miesp ecuav ov.
 
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Open the Door.

You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.

  • Active Daily: Life-changing content posted dozens of times every day. No dead threads.
  • MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
  • Vetted Network: Connect with founders scaling to 7 and 8 figures.
  • Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."
— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."
— User Richard Peck

"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?

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