I want to ask a question about the start-up deductions timing.
I’m planning to start a company sometime in 2022. First, my company will begin offering a monetized Youtube channel, so I’ll need to create the company before creating my Youtube channel. Then, later in 2023, I’ll start selling online courses on my website.
The question is that I spent money buying different software, hardware, etc., in 2021, and I’d like to deduct these expenses (start-up expenses). However, before my company creation, I’m supposed to do my tax return in April 2022, so I know I won’t be able to deduct these 2021 start-up expenses in my tax return 2021 (filed in April 2022). So, does it mean I’d miss the opportunity of deducting them? Can I deduct them in my tax return 2022 (filed in April 2023)?
I know I can choose between deducting them the first year or amortizing them in the next 15 years, but I do not know if the expenses must have been made in the year before the company creation if I want to deduct them. Does it matter how long ago I made these purchases?
