Business Tax Question - Carry Over Expenses

[Account Closed]

Hi all,

Thank you in advance to those who read this and offer advice.

I started my business last year (2018) around June. I didn't make any money in 2018. I did incur expenses.

1. Am I able to carry over the expenses to my 2019 taxes?

2. If so, how?

3. Is it worth getting a CPA who specializes in business to do my 2018 taxes or is this simple enough to do myself? (I'll definitely be getting one in 2019.

Thank you,

Ben

[Yossi Lurman]

@Ben Gabin I do not believe you would be able to carry over expenses. You are supposed to record an expense when it is incurred. If it was an expense close to the end of year then it’s possible to make it appear on your next year books...

In regards to getting an accountant, there are more advantages of consulting with an accountant then just preparing your taxes. In your situation as a new business an accountant will be able to plan properly for the future as well and may save you money and head ache down the road.

Best of luck!