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RP007
Returning Member

Sole Proprietor who started business in 2020 but had some expenses in 2019

Hi everyone,

 

I am a sole proprietor who started my online business in January 2020 officially since I got my sales in 2020 but there were expenses such as my silhouette printer and cardstock supplies in December of 2019. Can I still deduct these expenses on my 2020 tax return? Please help, thank you. 

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1 Reply
ColeenD3
Expert Alumni

Sole Proprietor who started business in 2020 but had some expenses in 2019

No. You can't carry expenses from one year to the next. Only expenses from 1/1 to 12/31/2020 can be entered on Schedule C.

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