I started a business in 2016 but bought my equipment and assets in early dec of 2015. can i still claim them as expenses this 2016 filing?

[DianeW]

Absolutely.  When you advertise as open for business and you can begin business operations you can start to deduct expenses. 

• If the expense was to prepare you to open for business then it's a startup cost.
  
• If it was after you opened for business its an operating expense like other ordinary and necessary expense of doing business.
• Equipment is considered purchased when it is placed in service/placed in use. 
• Startup Business Tax Tips

The IRS language states you must be engaged in the activity to produce a profit.  It is reasonable to have a loss on the overall business in the first couple of years while you gain momentum.  The rule they use is three years of profit out of every five consecutive year period. 

• In TurboTax Self Employed

• My Account
• Tools
• Topic Search
• Type Business in the search
• Go
• Edit or Start your business entry
• Edit > Business Profile (look to see if you indicated the business was acquired in 2016)