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Level 1

I started an amway business how do I add that as business expense .... since I’ve been paying for training materials n such

 
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Level 1

I started an amway business how do I add that as business expense .... since I’ve been paying for training materials n such

If you want to claim business startup expenses, you need to file a Schedule C Profit and Loss From Business. 

You can enter your startup costs as follows: 

  1. Click on Federal on the left navigation column.
  2. Click on Income & Expenses tab.
  3. On the Let's get the details on what you told us earlier.... screen, click Start on Self-employment income and expenses.
  4. On the Did you have any self-employment income or expenses? screen, click Yes.
  5. Continue with on onscreen interview until you get to the What kind of expenses did you have for Real Estate? screen.
  6. Click on Startup costs.
  7. Continue with the onscreen interview until you get to the Here's your Real Estate info screen.
  8. Click Start next to Startup costs.
  9. Continue with the onscreen interview until complete.
The IRS allows you to deduct $5,000 in business startup costs and $5,000 in organizational costs, but only if your total startup costs are $50,000 or less. If your startup costs for either area exceed $50,000, the amount of your allowable deduction will be reduced by that dollar amount. 3 Tax Deductions For Startup Businesses | QuickBooks