You'll need to sign in or create an account to connect with an expert.
Yes, you may report as Startup Costs any expenditure that prepares your business to generate income, before you are actually open for business. This includes expenses that would normally be deductible if the business was active, like office equipment.
Capital assets that would normally be subject to depreciation may not be included as startup costs. However, the current Safe Harbor Election allows you to expense capital assets costing $2,500 or less.
You may expense up to $5,000 in startup costs in the year that your business starts.
Yes, you may report as Startup Costs any expenditure that prepares your business to generate income, before you are actually open for business. This includes expenses that would normally be deductible if the business was active, like office equipment.
Capital assets that would normally be subject to depreciation may not be included as startup costs. However, the current Safe Harbor Election allows you to expense capital assets costing $2,500 or less.
You may expense up to $5,000 in startup costs in the year that your business starts.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
StephenBlue
Level 1
johntkerich7203
Level 1
taxes4739
Level 3
cpgnv23
Returning Member
mmalven
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.