Reporting software subscriptions
I have some software subscriptions for my indie developer business (Sole Proprietorship -- file as an individual). Xamarin and MSDN. I generally pay for a year at a time. The amounts involved are not small -- hundreds of dollars up to a few thousand. Two parts to my question:
1) How should I report the subscriptions on my US income taxes?
2) How do I get TurboTax to do the correct thing, given the answer to part 1?
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Generally prepaid services should be capitalized over the period prepaid. But if it is up to a year - you can just expense them.
As to the technicalities - you can contact Intuit support, but you should be able to put it in the same area where you put all your other business expenses. If you're a sole proprietor - that would be Schedule C.
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