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New Member
posted Apr 16, 2022 8:24:36 PM

Trying to locate business start up cost for self employed

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1 Replies
Expert Alumni
Apr 17, 2022 4:04:07 AM

Start-up costs have a 15-year recovery period using amortization (an equal amount for each month). The amortization is under the Assets expense for your business and you must select to 'Add an asset' once you reach the Business Asset Summary page.

  1. Select Intangibles, Other property on the Describe This Asset page.
  2. Select Amortizable intangibles on the Tell Us a Little More page
  3. Type Start-up Costs as the description, then the cost remaining to be amortized and the date you opened for business
  4. Code selection is 195 Business Start-Up Costs
  5. Enter 15 years for the Useful Life (in Years)