You will not report anything on your 2021 tax return at all, concerning your business. (SCH C business I assume? It matters.)
With some exceptions, expenses incurred in the process of starting a business are claimed as start up expenses in the tax year the business is actually open for business. It does not matter in what tax year those start up expenses were incurred either. Now for the exceptions.
licenses - This is a start-up expense. Even though you may have paid for it in 2021, you will not deduct it until you file your taxes for 2022. The cost of your licenses are a start up expense.
furniture, - These items are business assets, and are claimed as such in the business assets section. These assets are depreciated over a period of 5 years. You can not claim anything for business assets until the tax year you are open for business. So these will be listed in the business assets section of your 2022 tax return that you will complete next year.
Take note that for assets that cost less than $2,500 there is an option to just deduct the cost straight up the first year the asset is placed in service under the Safe Harbor DeMinimus act. But it's only benificial to you if you actually have a taxable profit to deduct it from. otherwise, furniture is depreciated over 5 years. This is something I won't get into now, becuase you'll just need to be refreshed on it anyway, next year. So wait until then.
and retail products - Product that you sell is inventory. You'll deal with that in the Inventory section on your SCH C for 2022 next year. Take note that regardless of when you purchased that inventory, your Beginning of Year inventory balance "MUST" be zero in your first year of business, or first year of dealing with inventory. There are no exceptions to this. Again, will explain next year for the reason above.
Now there is an option for a business that generates less than $600,000 in revenue to just expense inventory in most cases. But again, deal with that option next year.
