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Depreciation

Enter start-up / organizational expenses

To enter start-up / organizational expenses, take the following steps.
  1. Open the client and, if necessary, select an activity folder.
  2. In the
    Asset List
     window, select
    Add
     and add an asset, or choose the asset and select
    Modify
    .
  3. If you're adding an asset, enter the asset's description, date in service, and information for any of the association fields that displays in the
    Asset Detail
     window.
  4. In the
    Cost/Basis
     field of the Tax column, enter the start-up / organizational cost, including the deductible amount.
  5. Select Disposal wizard button or press F6 to open the Method/Life Wizard.
  6. In the Method/Life Wizard, select the appropriate intangible asset class: Intangible asset (IRS Code Sec 195 - start-up expenses), Intangible asset (IRS Code Sec 248 - organizational expenses (1120, 990)), or Intangible asset (IRS Code Sec 709 - organizational expenses (1065 only)).
  7. Go to
    Start-up/Org Exp
     in the Tax column and enter the deductible start-up / organizational expense amount.

This article applies to:

  • Product: Fixed Assets CS
  • Return type: 1040 Individual, 1120 Corporation
  • Subject: Depreciation
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