PatriciaV
Expert Alumni

Business & farm

First, go to your Business Profile and confirm that you checked the box "Yes" for "Acquired Business in Current Year."

Continue to the Business Summary Page. 

Under Business Expenses, the first item should be Startup Costs. Click Update to review your entries.

If you entered your Startup Costs under Other Common Business Expenses, update that section instead.

Your other option is to use Forms Mode to find your entry on Schedule C or Schedule E Wks. In most cases, you can manually edit your previous entry, as long as the number is in a blue font.

 

You may expense up to $5,000 in startup costs in the year that your business starts. If your startup costs exceeded $5,000, you may have entered the excess as an Asset for Depreciation

 

@Win2 

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