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Deductions & credits
you can't deduct expenses paid or incurred before the business starts. these preopening expenditures are of two classes - capital meaning machinery. equipment, office furniture etc which you use the date the business opened for the date placed into service for depreciation purposes. other expenses like supplies are start-up expenses Code section 195. when you do the 2023 return Turbotax will take you the the tax handling of them.
‎February 13, 2023
10:36 PM
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