Question

I need to enter startup costs.I have hundreds of receipts,do they each need to be entered individually or can I total them and input the total even If it asks for date?

Forum|Forum|4 years ago
April 13, 2022
1 reply
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I guess I’m confused because it asks for date of purchase and I literally have hundreds of Amazon orders for example. But I don’t want anything to get flagged if it’s more than $200 in one line, a bit confused.

TurboTax Self Employed Online

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Cynthiad66

The IRS allows you to deduct $5,000 in business startup costs and $5,000 in organizational costs, but only if your total startup costs are $50,000 or less. If your startup costs in either area exceed $50,000, the amount of your allowable deduction will be reduced by the overage.

Click HERE for IRS guidelines on Startup Costs

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volley4kixAuthor

Yes that is correct, however the items have to be $200 or less and in Turbo Tax under startup costs they have lines where you input startup costs and date. I have hundreds of purchases with different dates. For example is it fine to put in one line $3456 spent on Amazon for startup costs even though they were made on different dates? Hope that makes sense.