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dstelow
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I started a business last year but did not actually form the LLC until this month. I did have sales in December 2018. Can I deduct start up costs and equipment costs?

If so, what Turbo Tax package would you recommend?
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I started a business last year but did not actually form the LLC until this month. I did have sales in December 2018. Can I deduct start up costs and equipment costs?

Yes, the expenses are still deductible in 2018 even though you didn't form the LLC until 2019.  

You will need to use TurboTax Self-Employed Online or Home and Business Download to enter the expenses.  The Self-Employment section is under Wages and Income.  For the online version, you will enter both income, and expenses, including startup costs, in this area. 

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2 Replies

I started a business last year but did not actually form the LLC until this month. I did have sales in December 2018. Can I deduct start up costs and equipment costs?

Yes, the expenses are still deductible in 2018 even though you didn't form the LLC until 2019.  

You will need to use TurboTax Self-Employed Online or Home and Business Download to enter the expenses.  The Self-Employment section is under Wages and Income.  For the online version, you will enter both income, and expenses, including startup costs, in this area. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dstelow
New Member

I started a business last year but did not actually form the LLC until this month. I did have sales in December 2018. Can I deduct start up costs and equipment costs?

Do I delete my current return using Turbotax Deluxe and start over with Turbotax Self Employed or can I import the data?
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