is there a business credit for start up cost of a home business?
September 21, 2009 by workathomebizreviews
Filed under Home Business FAQ
terrleia asked:
for starting a home business is there a business credit i can claim for tax season even though i have not sold anything…I have bought a lot of stuff to make the products and have my receipts…
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for starting a home business is there a business credit i can claim for tax season even though i have not sold anything…I have bought a lot of stuff to make the products and have my receipts…
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Yes. You are allowed to deduct your start up costs. The IRS understands that there cost involved in starting your business.
Just make sure that you read which start up cost are allowed the 1st year and which have to be deducted at the end of your business.
If you use turbo tax there is a whole section what is allowed the first year and what is not. I would tell you more but as fast as the tax laws change I would not want to give you any misinformation.