In 2016 I started an Etsy account. I have a lot of expenses. Can I deduct these from my taxes?

grins6 — Sat, 01 Jun 2019 06:55:02 GMT

The Etsy account is not totally launched. It will be full launched in 2017. I do have plenty of start up cost for 2016

You can deduct all your start up costs on your 2017 tax r...

MargaretL — Sat, 01 Jun 2019 06:55:06 GMT

You can deduct all your start up costs on your 2017 tax return, not on 2016 tax return. You can deduct prior year(s) startup costs in the year you start the business. For example you paid startup expenses in 2014, 2015 and 2016, you started your business in 2017. You would deduct the total start up cost in 2017.

Note: In TurboTax, there is separate entry for Start Up Costs in Business Expenses section. You will be asked to enter your total startup cost, and the date incurred (which should be before you started your business, it's ok if prior year). Then, the program will ask you how much you'd like to deduct; the rest is automatically amortized for you.

topic In 2016 I started an Etsy account. I have a lot of expenses. Can I deduct these from my taxes? in Deductions & credits

In 2016 I started an Etsy account. I have a lot of expenses. Can I deduct these from my taxes?

You can deduct all your start up costs on your 2017 tax r...