Update start up costs as follows:
- In TurboTax H & B, click on Business / I'll choose what I work on.
- Click Update to the right of the Business entity to be updated.
- Click Edit for the business activity to be updated.
- Scroll down to Other Common Business Expenses. Click Update.
- Scroll down to Other Miscellaneous Expenses. Click Update.
You can deduct up to $5,000 in startup and $5,000 organizational costs as current expenses if the costs are under $50,000, respectively.
You can choose to amortize startup and organizational costs greater than $5,000, respectively, (but less than $50,000, respectively) over a period of 15 years.
@Nodes71
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