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You can elect to deduct up to $5,000 of start-up costs and amortize the remainder over 180 months, beginning with the tax year the business begins.
In TurboTax, there is separate entry for Startup Costs in the Business Expenses section.
Once general information and self-employment income is reported, you will arrive at the business expenses section.
The deduction of $5000 will be listed as “other expenses”, whereas the amortization will be reported as your depreciation. Source: MargaretL
You can elect to deduct up to $5,000 of start-up costs and amortize the remainder over 180 months, beginning with the tax year the business begins.
In TurboTax, there is separate entry for Startup Costs in the Business Expenses section.
Once general information and self-employment income is reported, you will arrive at the business expenses section.
The deduction of $5000 will be listed as “other expenses”, whereas the amortization will be reported as your depreciation. Source: MargaretL
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