Deductions & credits

@smcguire33 

if your start up expenses are less than $5000, you can deduct them on the first year that business is active and you file a schedule C. If the amount is more than $5000, then the expenses may be partly deducted in the first year, and partly amortized over 15 years. There is a formula which takes into account the total amount of the start up expenses and your other business income, and I don’t have that formula handy, but I’m sure you could look it up or TurboTax will automatically do it for you when you file your first schedule C.