Oh yeah. Make sure you know the difference between startup expenses, business expenses, and business assets.
- Start up expenses are those expenses incurred prior to being "open for business"
- business expenses are those expenses incurred in the normal day-to-day operations of the business.
- Business assets are those physical items you purchase to use in the business for the purpose of producing income. What you pay for business assets is not deductible. Business assets are capitalized and depreciated over time. You deal with business assets in the "Business Assets" section of the program.
If your business uses a street legal vehicle for business purposes, you deal with that in the "Business Vehicle Expenses" section. (there are some exceptions to this - but it depends on the specific vehicle and precisely what that vehicle is used for.)
