The effective date for my business is 1/2/18. I had many business expenses from 2017 that I am trying to claim. Will I need to wait until next year to file?

jmwilli6 · ‎June 4, 2019

KatrinaB · ‎June 4, 2019

You will need to wait until next year. Start-up costs are only deductible when your business is up and running. Please view the TurboTax link below to see a few business start-up tips.

https://turbotax.intuit.com/tax-tips/small-business-taxes/startup-business-tax-tips/L7SOyYMzr

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Carl · ‎June 4, 2019

What kind of business? If a single-member LLC or sole proprietorship, then if you were not "open for business" in 2017, nothing is reported on your 2017 tax return.

KatrinaB · ‎June 4, 2019

You will need to wait until next year. Start-up costs are only deductible when your business is up and running. Please view the TurboTax link below to see a few business start-up tips.

https://turbotax.intuit.com/tax-tips/small-business-taxes/startup-business-tax-tips/L7SOyYMzr

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The effective date for my business is 1/2/18. I had many business expenses from 2017 that I am trying to claim. Will I need to wait until next year to file?