topic If I legally created a business in August of 2019,but had no income, do I include it on my tax return this year. Do I add my $700 in start up costs? in Get your taxes done using TurboTax

If I legally created a business in August of 2019,but had no income, do I include it on my tax return this year. Do I add my $700 in start up costs?

lboleary — Wed, 15 Jul 2020 01:57:59 GMT

It was an LLC created for my mobile notary business. Company didn't officially launch until 2020.

Anonymous_ — Wed, 15 Jul 2020 02:10:20 GMT

You will report your start-up costs when your business is officially open for business, which appears to be the 2020 tax year.