It is my memory from somewhere that an individual starting a sole proprietorship is suppose to wait until his first revenue to begin filing returns and writing off startup costs. But I cannot find adequate reference. I am already familiar with the option to write off up to $5000 and amortize the rest. My question deals with when to file the first Schedule C. Do we/ Should we need to wait for income to begin the process? Does the answer change if part of the cost outlaid is for depreciable property? (This is a bonafide business, not a hobby)
Tyler