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I started a sole proprietorship this year and I'm debating whether to start doing business so late in the year. I have accumulated a few thousand dollars in startup costs and want to write it off. Projected sales for this year is $10,000. Next year's projection is $120,000. Will it be better to wait until the new year to start selling my products?


ANSWER


Expert William Masser's Answer:

Yes, but you want to claim any startup costs in the year they were incurred.

William Masser, CPA, EA

Arizona

30 yrs experience

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