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Business & farm
Yes, you can deduct your startup expenses and begin depreciation of the assets placed in service for your business regardless of whether you had income for those first couple of months.
Also, with regard to the qualified home office, the deduction is limited by the income of the business. But, if you are using actual home office expenses instead of the simplified method, then the expenses will be carried forward to a year where they can be deducted.
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‎April 18, 2022
8:18 AM
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