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Can I deduct my small business startup costs from previous years?
I started my extremely small business officially (registered the name) in January 2015 but bought numerous pieces of equipment and supplies before that, in 2014 and 2013 (pro camera, sewing machines, small tools, materials - under $5000 worth of goods.) Is it possible to deduct these as startup costs even if they were purchased in previous years if I am currently in business? Could I deduct them on my 2016 taxes? Thanks in advance for any help!
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May 31, 2019
5:56 PM