topic I'm purchasing equipment to start a hydroponic farm. How do i file my taxes so i can get money back for starting my business and buying this equipment? in After you file

I'm purchasing equipment to start a hydroponic farm. How do i file my taxes so i can get money back for starting my business and buying this equipment?

mattyyoung143 — Thu, 06 Jun 2019 13:55:10 GMT

I have the equipment and im growing samples but i haven't sold anything yet. And i haven't purchased a business license yet because no one has given me a straight forward answer because its an indoor farm and not a traditional farm.

Did you incorporate yet or is this simply a sole propriet...

Critter — Thu, 06 Jun 2019 13:55:12 GMT

Did you incorporate yet or is this simply a sole proprietorship ?

Sole

mattyyoung143 — Thu, 06 Jun 2019 13:55:13 GMT

Sole

You recoup your startup costs in the first year the busin...

Opus 17 — Thu, 06 Jun 2019 13:55:15 GMT

You recoup your startup costs in the first year the business actually has revenue to report. You can deduct up to $5000 of startup costs as expenses, and amounts over that generally have to be amortized over 15 years. If you won't have revenue in 2017, then you won't have a schedule C on your tax return and you won't report the business. You will report the business on your 2018 tax return and deal with your startup costs then.