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ngani1
New Member

I started a new business. I oat membership and subscription expenses over $5000 each. This include training and mentorship. Should I expense it on schd C or give 1099?

New help on how to expense many membership and mentorship subscriptions for my business. They did not send me any 1099 or expense it as just new business startup cost
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DavidD66
Employee Tax Expert

I started a new business. I oat membership and subscription expenses over $5000 each. This include training and mentorship. Should I expense it on schd C or give 1099?

If your start-up costs are $5,000 or less, you can expense them all in the first year your business is open.  If they are more than $5,000 you have to capitalize the amount in excess of $5,000 and amortize it over 15 years.  When you set up your business in TurboTax, you will be prompted to enter your start-up costs.  For information on Start-Up Costs see the following: 

 

Here’s how businesses can deduct startup costs from their federal taxes 

 

Start-up Business Tax Tips

 

 

 

 

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