Expense Prior to Incorporation
Hello. I need to know if I can capture this expense or not...
I PAID for a training course in September 2013, incorporated my business in November 2013 and the actual course took place December 2013 AFTER incorporation. Can I claim the expense with the business even though the payment occurred prior to it's incorporation?
Thanks for the replies!
You didn't say whether or not you were in business prior to incorporating. If you were already in business as a sole proprietor, then the course would be expensed in that business.
If you were not in business prior to incorporating and the course training relates directly to earning incoming for the corporation, then I'm fairly certain you can expense/capitalize it as part of your startup costs.