Can i report expenses incurred for licensing needed before i started my business?

[AmyT]

You are able to deduct up to $5,000 in startup costs that are incurred before you officially begin business.

If your startup costs exceed $5,000, the remainder is capitalized and amortized over 180 months, beginning the month you are actively operating.

Important note:  You are only able to deduct your expenses in the year that you paid them - you cannot save them for a future year.

To get to the input screens for your business:

• Once signed into your account, click on Search at the top of the screen
• Input "schedule c" into the search box and hit Enter
• The first link available should be Jump to schedule c - click on this link
• You will be taken to the screens to enter your income, business information, and expenses

When you come to the input screen for your income, simply do not enter anything. Work through the other screens that come up (business information, etc.) and then you will be able to enter your expenses.