How do I file the expenses i had in starting a business 2024?

camfromsk — Fri, 28 Mar 2025 13:22:32 GMT

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.

Re: How do I file the expenses i had in starting a business 2024?

TurboTaxAniqua — Sat, 29 Mar 2025 17:06:31 GMT

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.

topic How do I file the expenses i had in starting a business 2024? in Self-employed

How do I file the expenses i had in starting a business 2024?

Re: How do I file the expenses i had in starting a business 2024?