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Get your taxes done using TurboTax
It depends. Do not enter a zero simply leave it blank, if you actually entered a zero be sure to go back to that space, then use the delete key to remove the entry.
As long as your business was open and operating in 2024, then expenses can be used regardless of no income.
Tips for your business and 'start-up expenses'.
The key to start-up expenses is that the cumulative expense occurred before the business was officially opened for operations. You can choose a date reflective of that for the combined total of the start-up expenses.
Start up costs - if you had any expenses before you actually opened for business services such as legal fees, market study or organization fees.
- Amortize all of them over 180 months (IRC Section 195 Property)
- The IRS allows you to deduct $5,000 in business startup costs and $5,000 in organizational costs, the first year the business is operating, but only if your total startup costs are $50,000 or less
- Add them as Business Expenses. Continue past the expense categories (or choose Other Miscellaneous Expenses) to the page titled "Enter Business Expenses Not Yet Reported" and enter the description & amount
- If you have more than $5000 in start-up costs, the remainder is entered under Assets/Depreciation as a capital asset for amortization as noted above
- Add them as Business Expenses. Continue past the expense categories (or choose Other Miscellaneous Expenses) to the page titled "Enter Business Expenses Not Yet Reported" and enter the description & amount
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March 29, 2025
8:08 AM