Hi Leonard:
I have performed a good amount of the research, but I still have a preliminary question for you. If I (personally) purchase something essential for use for “the company”, do I have to wait until after I incorporate, or can it still be “worked into the mess”? (i.e. computer, software, incorporation, legal fees, etc.) Don’t worry, I WILL schedule an appointment prior to doing anything really foolish! -Jeff
Hello Jeff,
You are well advised to be thinking about this before the inception of your business. The IRS allows a deduction for “start-up” expenses for your business. The requirement is that you list each expense and the date it was incurred. These expenses may include all expenses related to the start of the business but only those incurred before the first day you are able to provide your product or service to customers. Don’t forget to include travel expenses such as mileage and tolls.
I hope this helps.
-Lenny
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