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I started an amway business how do I add that as business expense .... since I’ve been paying for training materials n such
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June 7, 2019
4:18 PM
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Deductions & credits
If you want to claim business startup expenses, you need to file a Schedule C Profit and Loss From Business.
You can enter your startup costs as follows:
- Click on Federal on the left navigation column.
- Click on Income & Expenses tab.
- On the Let's get the details on what you told us earlier.... screen, click Start on Self-employment income and expenses.
- On the Did you have any self-employment income or expenses? screen, click Yes.
- Continue with on onscreen interview until you get to the What kind of expenses did you have for Real Estate? screen.
- Click on Startup costs.
- Continue with the onscreen interview until you get to the Here's your Real Estate info screen.
- Click Start next to Startup costs.
- Continue with the onscreen interview until complete.
The IRS allows you to deduct $5,000 in business startup costs and $5,000 in organizational costs, but only if your total startup costs are $50,000 or less. If your startup costs for either area exceed $50,000, the amount of your allowable deduction will be reduced by that dollar amount. 3 Tax Deductions For Startup Businesses | QuickBooks
June 7, 2019
4:18 PM