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ssb1466
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In turbo tax Where do I put business start up costs in late 2016 for a buz i started doing business in 2017?

 
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PaulaM
Expert Alumni

In turbo tax Where do I put business start up costs in late 2016 for a buz i started doing business in 2017?

Under your Business Profile indicate that you started/acquired your Business in 2017. After you mark the box, continue until back to the business page. Under Business Expenses you will find a category for Startup Costs.

How these expenses are handled:

Up to $5,000 of startup costs paid or incurred can be deducted if the total startup costs incurred don't exceed $50,000. An election can be made to amortize costs in excess of $5,000 over a period of 15 years.

If total startup costs exceed $50,000, the excess over $50,000 reduces the amount you may deduct. For example: If you incur $52,000 worth of startup costs, you can deduct $3,000 ($5,000 - ($52,000 - $50,000 = $2,000)) and amortize the remaining $49,000 over at least 15 years

https://turbotax.intuit.com/tax-tips/small-business-taxes/startup-business-tax-tips/L7SOyYMzr

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PaulaM
Expert Alumni

In turbo tax Where do I put business start up costs in late 2016 for a buz i started doing business in 2017?

Under your Business Profile indicate that you started/acquired your Business in 2017. After you mark the box, continue until back to the business page. Under Business Expenses you will find a category for Startup Costs.

How these expenses are handled:

Up to $5,000 of startup costs paid or incurred can be deducted if the total startup costs incurred don't exceed $50,000. An election can be made to amortize costs in excess of $5,000 over a period of 15 years.

If total startup costs exceed $50,000, the excess over $50,000 reduces the amount you may deduct. For example: If you incur $52,000 worth of startup costs, you can deduct $3,000 ($5,000 - ($52,000 - $50,000 = $2,000)) and amortize the remaining $49,000 over at least 15 years

https://turbotax.intuit.com/tax-tips/small-business-taxes/startup-business-tax-tips/L7SOyYMzr

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