If my business made $100,000 during last tax year (Jan 1 2017, Dec 31 2017), and I haven't done those taxes yet, but need to buy equipment in January of 2018, can I deduct those expenses from my 2017 filing?

  • Are you asking if you can deduct 2018 expenses from your 2017 taxes? If so, I don't see how, without you and the vendor backdating documents. – RonJohn Jan 2 '18 at 16:26
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    Tax questions require a country tag. You should also provide more information as to the form of your business. – Chris W. Rea Jan 2 '18 at 19:30

It is possible if your business is organized as a corporation.

You can change your business year end, to be whatever date you choose, and then deduct the expenses then.

If you are not organized as a corporation, then the IRS dictates that your business year ends on 31 Dec. As such you would not be able to deduct expense incurred in January against income in the previous year.

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    (1) It still has to be in the same tax year. (2) If his business were a corporation with mismatching the fiscal and calendar years, he'd already know that they don't end at the same time. – RonJohn Jan 2 '18 at 16:56
  • @RonJohn I read this as saying that Pete is suggesting to change the tax year to be mismatched. – Joe Jan 2 '18 at 17:45
  • I have a sole proprietorship llc so it looks like I'll be including these expenses in next years taxes. Thanks. – micah Jan 2 '18 at 20:06

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