Sole Proprietor Startup Costs Carryover?

[oceanlovin'ea]

S corp

Not to change the thought of this discussion but what if the business were an s corporation? They worked at selling their product but did not sell anything at all in 2012. But there were plenty of expenses.

Do I do an 1120S with zero income and expenses? Can all the expenses be taken in 2012?

Linda, EA

[mactoolsix]

You can "forgo" the election. That is not the same thing as deferring the election. If your business has started, you can forgo (abandon) the election to amortize costs, but you cannot "defer" the election to take at a later time.

And I must agree with your correction!
Thanks,
Mike

[Lion]

An S-corp is required to file a return whether or not they have income.