No first year profit
As a single member LLC in my first year of operation, do I get money back if I don't make a profit?
Answer
Get your money back from whom?
I assume that you're referring to taking a tax deduction based on your LLC's losses.
If your LLC shows a loss, then you might be able to deduct that loss on your personal tax return and reduce your tax liability. As a single member LLC, you can file your LLC taxes on Schedule C of your 1040.
Your LLC's loss could result in either a tax refund, a larger tax refund, or a smaller tax liability than you otherwise would have had.
If terms like "Schedule C" and 1040 are Greek to you, then either see an accountant or buy a copy of Turbotax Home and Business (which is designed for single member LLCs).
