Message Font: Serif | Sans-Serif
No. of Recommendations: 7
Schedule C would be the right place, since this business venture is neither a partnership nor a corporation. And I'll assume it's not a farm or rental of real estate (which would go on schedules F and E, respectively.)

But the real questions is if you can deduct these expenses at all. It sounds like these might be start-up expenses. Those are deductible only after you actually start the business.

One of your stops as you start getting ready to go into your own business should be with a qualified tax pro to go over these kinds of issues. They can also help you decide what form your business should take - proprietorship, LLC, C corporation, or S corporation.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.