Saturday, August 13, 2011

Can I write off the losses my llc company incurred?

I live in California and my LLC is taxed as a sole proprietor. I have an invention that i've been working on but haven't made any sales yet. I've spent about $5,000 on research and design, $800.00 for the franchise tax fee, and also plan to pay for a patent soon. I am currently working a normal job making about $50,000 annually. I was wondering what if anything I can write off (e.g. R&D, franchise tax fee, patent costs, lawyer fees). Thanks for your help.

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