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Deductions & credits
Since the legal services relate to creating your business, the expense may be reported as startup costs. Use the date your business started to avoid the TurboTax limitation. However, you may expense up to $5,000 in startup costs in the year that your business starts instead of amortizing the cost over several years.
Note that a partnership files a separate return (available in TurboTax Business). You would not report a partnership in TurboTax Home & Business.
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‎April 7, 2024
11:23 AM