Entering start-up / organizational expenses

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To enter start-up / organizational expenses, perform the following steps.

  1. In the Asset List window, click the Add button and add an asset, or highlight the appropriate asset and click the Modify button.
  2. If you are adding an asset, enter the asset's description, date in service, and information for any of the association fields that appear at the top of the Asset Detail dialog.
  3. In the Cost/Basis field of the Tax column, enter the start-up / organizational cost, including the deductible amount.
  4. Click the Method/Life Wizard button button or press F6 to open the Method/Life Wizard.
  5. 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)).
  6. In the Start-up/Org Exp field of the Tax column, enter the deductible start-up / organizational expense amount.

    Note: If the Start-up/Org Exp field does not appear in the Depreciation tab, click the Other tab and select 195 - Start-up Expenses, 248 - Organizational Expenses (1120, 990), or 709 - Organizational Expenses (1065 only) from the Amortization section field.

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