Whats the best way to record Start-up expenses in QB
Whats the best way to record Start-up expenses in QB
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10/19/09 4:22pm PDT
Viewed by asker 10/21/09 7:18pm PDT
Viewed by asker 10/21/09 7:18pm PDT
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CopperCanyonTax
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The solution
I would enter through a journal entry. Start up costs are a fixed asset. For business start-up and organization costs paid or incurred after September 8, 2008, a corporation can deduct up to $5000.00 of such costs for the year it begins business. The $5000.00 deduction is reduced by the amount the total cost exceeds $50,000.00. If the total costs are $55,000.00 or more, the deduction is reduced to zero. Any costs not deducted must be amortized over a 180 month period, beginning with the month the corporation begins business.
Marc Barnes
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