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March 9, 2021
Question

Sole Proprietor who started business in 2020 but had some expenses in 2019

  • March 9, 2021
  • 1 reply
  • 0 views

Hi everyone,

 

I am a sole proprietor who started my online business in January 2020 officially since I got my sales in 2020 but there were expenses such as my silhouette printer and cardstock supplies in December of 2019. Can I still deduct these expenses on my 2020 tax return? Please help, thank you. 

1 reply

ColeenD3
March 9, 2021

No. You can't carry expenses from one year to the next. Only expenses from 1/1 to 12/31/2020 can be entered on Schedule C.