During the federal review section, I am being asked to fill out IRC Section 195(b)(1) to amortize startup business expenses, but I don't have any. Where is the problem?
During the federal review section, I am being asked to fill out IRC Section 195(b)(1) to amortize startup business expenses, but I don't have any. Where is the problem?
You might need to review your business entries, specifically your business assets. Make sure you didn't accidently choose the wrong asset type.
Also check your answers to the Business Profile questions. If this is not the first year for this business, make sure the box for "Started work in 2024" or "Acquired Business in Current Year" is not "yes" or checked.
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