Hi, I'm starting a new business and want to figure out how to deduct startup expenses on my taxes. Its currently a sole proprietorship, and I'm not sure of the paperwork necessary to do this. Any tips or help at all would be greatly greatly appreciated.
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Basically, just keep good account records and receipts. If you remain a sole proprietor, you will deduct these on your Schedule C at tax time. Of course, the expenses must be IRS allowable deductions. For the rules on this, see http://www.irs.gov/pub/irs-pdf/p535.pdf. |
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