TomCopeland |
05-24-2012 01:51 PM |
start up expenses
Originally Posted by svazquez1984:
So I'm new to this and I have a load of questions but I will take it one day at a time. I am in the process of opening a daycare center and I'm at the point where I have to purchase furniture and supplies. Are these expenses that I can claim on my taxes? If so how? What other start up cost can I claim if any?
You can deduct all expenses that are "ordinary and necessary" to your business. This includes furniture, supplies, car expenses, rent, utilities, etc. If you are self-employed, report your expenses on Schedule C. If you are a corporation, report your taxes on the various corporate tax forms.
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