G2R Posted Thursday at 04:28 PM Report Share Posted Thursday at 04:28 PM Hello! I've entered approx. $8k in startup costs for a client into ATX. I cannot figure out how to get ATX to allow the $5k deduction. Anyone know how? Quote Link to comment Share on other sites More sharing options...
mircpa Posted Thursday at 06:54 PM Report Share Posted Thursday at 06:54 PM May be reduce recover period to 1.6 yrs. What kind of assets are these those that you want to write off almost 63% in year 1 ? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted Thursday at 07:01 PM Report Share Posted Thursday at 07:01 PM Have you tried entering the IRC section in the box just above the serial number area? Or possibly there is a different entry required for "method" and "convention"? Sorry, no longer use ATX so just guessing it is something simple on that screen. 1 Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted Thursday at 07:33 PM Report Share Posted Thursday at 07:33 PM I have entered the start up costs as an 'other expense' and then amortized the amount that exceeds the $5,000. 1 1 Quote Link to comment Share on other sites More sharing options...
grandmabee Posted Thursday at 08:09 PM Report Share Posted Thursday at 08:09 PM Yes, You enter them as expense then amortize the balance. I think the instructions say enter them in the expense they go to IE: office supplies, advertising. etc. 1 1 Quote Link to comment Share on other sites More sharing options...
G2R Posted Thursday at 10:36 PM Author Report Share Posted Thursday at 10:36 PM 2 hours ago, Lynn EA USTCP in Louisiana said: I have entered the start up costs as an 'other expense' and then amortized the amount that exceeds the $5,000. 2 hours ago, grandmabee said: Yes, You enter them as expense then amortize the balance. I think the instructions say enter them in the expense they go to IE: office supplies, advertising. etc. This is what I ended up doing. Thanks for the replies everyone. 2 hours ago, jklcpa said: Have you tried entering the IRC section in the box just above the serial number area? Or possibly there is a different entry required for "method" and "convention"? Sorry, no longer use ATX so just guessing it is something simple on that screen. Yes, I tried this. It didn't change anything. Thanks for your input. Quote Link to comment Share on other sites More sharing options...
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