topic Start up Business Expenses in December in Business & farm

Start up Business Expenses in December

babe8 — Sat, 28 Mar 2020 00:31:01 GMT

Husband has LLC with only startup costs - can we push the start up expenses to the following year without completing an amendment?

My husband incurred startup expenses in December 2017 for a company he started in January 2018. He filed an 1040EZ in 2017. The startup costs exceeded $10,000. We are trying to figure out if we need to do an amendment for 2017 or can we claim all of those start up expenses on the 2018 return. Or If there is a different less stressful option please tell. Thank you.

Re: Start up Business Expenses in December

AmeliesUncle — Sat, 28 Mar 2020 00:59:09 GMT

If the business started in 2018, they need to go on the 2018 tax return.

Re: Start up Business Expenses in December

KarenM90 — Sat, 28 Mar 2020 01:25:09 GMT

It depends. Generally, Start-Up expenses can be deducted/amortized when your business "starts up."

Whether you have the option to deduct or amortize them will depend if your business "starts up" that first year, and also on what types of expenses they are.

Here are two article that will help you figure that out: Start Up Business Tax Tips

IRS Start-Up Expenses: IRS Publication 535 Please scroll down to Amortization and Business Start-Up Expenses to determine what types of expenses you have to determine if you need to amend, or begin to amortize them in the year your business starts.