Enter startup expenses

Do the following to enter startup expenses paid for a new trade or business.
  1. Go to the
    Business
    or
    Farm
    folder.
  2. Select the
    Asset
    tab.
  3. Add
    or
    Edit
    an asset and enter the cost basis.
  4. Select
    Method/Life Wizard
    in the asset module to open the wizard.
  5. Select
    Intangible asset (IRS Code Sec 195)
    . UltraTax CS automatically enters the asset life for startup expenses under IRC section 195 (15 years).
  6. Enter the total of deductible expenses in
    Start-Up/Org Exp
    . If you don’t use the Method/Life Wizard when you enter startup expenses, enter the respective amortization section in
    Amortization section
    in the
    Other
    tab.
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