I am about to run a crowdfunding campaign, which will end mid-november. That gives me 1.5 months to spend the funds on project expenses--not really feasible given that it's all destined for ongoing server and development costs--before it all gets taxed as income.
I submitted paperwork for an LLC but it does not look like I will get my EIN before the campaign starts, so I will be receiving the funds personally and then transferring them to the LLC.
I have been told that accrual accounting is the right way to get around the issue of receiving funds late in the year.
Is there anything I need to do before I start the campaign so I don't screw up my ability to set up accrual accounting? Should I set it up for myself personally, or for the LLC? And is there anything to watch out for when transferring the money from myself to the LLC (timing, maybe)?