2015 Taxes, But Not Starting till 2016

[yodaone]

Hello,
This year I've purchased several items and paid for many things for my daycare that I would like to write off. However, I don't plan to official open until January 2016. How can I write off the items I purchased and claim them on my 2015 taxes? Thanks!

[TomCopeland]

Originally Posted by heatherann

Hello,
This year I've purchased several items and paid for many things for my daycare that I would like to write off. However, I don't plan to official open until January 2016. How can I write off the items I purchased and claim them on my 2015 taxes? Thanks!

Since you won't be in business until 2016, you must deduct these expenses on your 2016 tax return.

[yodaone]

Thanks Tom! So if I understand correctly, even though I purchased and paid for things in 2015, I'll be able to write them off in 2016? That's not so bad :-)

[TomCopeland]

Originally Posted by heatherann

Thanks Tom! So if I understand correctly, even though I purchased and paid for things in 2015, I'll be able to write them off in 2016? That's not so bad :-)

Yes, that is so.