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Get your taxes done using TurboTax
Thank you! In the link you sent regarding Prepaid expenses it mentions accelerating the deduction if this is the first year of the business, which is the case for me. Does that then mean that I can enter the entire expense this year? Also, does it matter under which category I enter the expense? The choices in Turbotax seem to be "professional fees" or "miscellaneous expenses" and both have the same impact on the numbers.
March 8, 2021
10:47 AM