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Deductions & credits
@mgd1231 You can only start deducting your expenses in the year that your activity is open for business. So, technically you could deduct the expenses in 2020 if you were available for sales but no one purchased anything yet, but for practical purposes you would not be open until the year you actually started receiving income.
You can write off expenses you incurred before you opened your business as start-up expenses in the year you are open. You can read more about start-up expenses here:
https://quickbooks.intuit.com/r/taxes/3-tax-deductions-available-only-to-startup-businesses/
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‎February 4, 2021
3:25 PM