Start up costs My husband and I both had regular jobs with W2s in 2010. Toward the end of last year my husband began a business to build guitars. He registered with the state for his DBA. He purchased approximately $4-5K in machines, tools, parts, website, etc. in 2010 but did not receive any income as he hadn't finished the guitars at that time. How do we deduct the start up costs and will this be considered a net loss for the business since there were expenses but no income?
Thanks for any help you can give. |