topic Can we deduct business expenses incurred in 2018 even though the business wasn't officially established until 2019? in Business & farm

Can we deduct business expenses incurred in 2018 even though the business wasn't officially established until 2019?

azclinvest — Mon, 03 Jun 2019 17:40:08 GMT

This is a small training business for which training displays and supplies were purchased. There is no significant inventory or equipment.

Yes, you can deduct up to $5,000 worth of business expens...

WillK — Mon, 03 Jun 2019 17:40:09 GMT

Yes, you can deduct up to $5,000 worth of business expenses on your 2019 return that was from 2018. Anything above and beyond $5,000 for 2018 will be amortized on the return over the course of 15 years. Turbo Tax will guide you through how to report them.