Bowen is planning to quit his job as a plumber and open a paint store. He has incurred expenses of $8,000 dealing with the opening of the store and will be able to deduct all of these expenses.

Question

Quizplus · Accepted Answer

The expenses incurred for opening the paint store can be treated as start-up costs and can be deducted in the year the business begins operations. Therefore, Bowen will be able to deduct all the $8,000 expenses.

Bowen Is Planning to Quit His Job as a Plumber