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?

dstelow · ‎June 6, 2019

If so, what Turbo Tax package would you recommend?

Vanessa · ‎June 6, 2019

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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Vanessa · ‎June 6, 2019

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 · ‎June 6, 2019

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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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?