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New Member
posted Jun 11, 2020 4:05:40 PM

Can I claim startup expenses that I incurred for my new business in 2019, but did not officially open until Jan 2020?

I took a course, got my marketing in place and established my business as an LLC all in 2019. I did not start selling until Jan 2020, so I have no income to report for 2019.

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Level 15
Jun 11, 2020 5:03:18 PM

See the info starting on page 26  :   https://www.irs.gov/pub/irs-pdf/p535.pdf

 

 

More general info :  https://www.irs.gov/businesses/small-businesses-self-employed/recommended-reading-for-small-businesses

 

 

Level 15
Jun 11, 2020 6:22:10 PM

For a SCH C business, startup expenses are claimed in the tax year the business officially opens for business. It does not matter in what year the expense was incurred either.