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How do I file the expenses i had in starting a business 2024?
I started a business in early 2024 while employed somewhere else. When I knew the employment wouldn't continue I started buying needed equipment, software, etc. so I could transition quickly to my business. This occurred July 1. Turbotax says I can uses some of these expenses, but then the forms only allow for an existing business which means I can't expense my computer and a few other things. I am a start up and should be able to.
a week ago
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Self-employed
How to claim your expenses related to self-employment income using TurboTax Online: These costs can be claimed for the tax year 2024.
- Enter self-employment in the search bar from "Tax Home"
- Select Self-Employment from the list of results, then select Go.
- On the Let's look at your self-employment income and expenses screen, answer Yes to the question, Do you have self-employed income and/or expenses to report, then select Continue.
- Select Enter New Business for.
- On the what kind of self-employment work do you do? screen, select the category that best describes your business from the list provided, then select Continue.
- Here’s a checklist of what you’ll need to get started: screen select Continue (and/or download the checklist if needed).
- Enter your information in the let's start with the basics about your work screen, then select Continue
- Enter your business address and industry code on the next two pages, then select Continue.
- Continue entering information about your business until you reach the let's look at your work expenses screen, then select Continue.
- On the T2125 Business Statement screen, enter the basic information about your business.
- In the calculation of business use-of-home expenses section, fill out all applicable amounts.
- When finished, select Continue to claim your expenses.
Here is a TurboTax FAQ/video link that you may find helpful.
How to claim home office expenses for self-employed?
Thank you for choosing TurboTax.
a week ago