I bought a big photo printer in 2017 to start a business. I made about $300 and spent several thousand. Can I expense everything? Or do I have to file it as an NOL?
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I bought a big photo printer in 2017 to start a business. I made about $300 and spent several thousand. Can I expense everything? Or do I have to file it as an NOL?

It’s a sole proprietorship, and I plan on trying to build it up this year (day job permitting)

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I bought a big photo printer in 2017 to start a business. I made about $300 and spent several thousand. Can I expense everything? Or do I have to file it as an NOL?

Yes, you can deduct it as part of your startup costs of a business. According to the IRS guideline, you are allow to deduct $5,000 in business startup costs and $5,000 in organizational costs, but only if your total startup costs are $50,000 or less. If your startup costs for either area exceed $50,000, the amount of your allowable deduction will be reduced by that dollar amount. Please see this IRS link for more information: https://www.irs.gov/publications/p535/ch08.html#en_US_2016_publink1000208939

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