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meandyouandchloe
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Forgot to deduct expense on my 2019 taxes

I file 2019 taxes and got my return, but forgot to add my expenses for being an new inventor with a patent pending. I spent a lot of money, which i think i should have report it for a deduction.

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2 Replies

Forgot to deduct expense on my 2019 taxes

You might want to consult with a patent attorney.   In the meantime see this Nolo Press articel.

 

https://www.nolo.com/legal-encyclopedia/deducting-invention-start-up-expenses.html

 

And

 

 

http://www.intellectualpropertylawfirms.com/resources/invention-law/deducting-operating-expenses.htm

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Anonymous
Not applicable

Forgot to deduct expense on my 2019 taxes

if you had a patent pending then it would seem you've done nothing to actively start your business like soliciting customers.   

the IRS position

It might be best to say that a business "starts" when it first starts advertising and is ready to serve customers, as a business can start when it begins advertising, even though no sales have been made.

 

if business hasn't started all those expenses and any you already deducted would likely be non-deductible start-up expenses.   this would require you to amend your return. 

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