Have Tax Questions? Ask a Tax Expert for Answers ASAP
In the first year that you actively start your business, you may deduct start up expenses which were incurred prior to that time up to a maximum of $5,000. You may also deduct up to another $5,000 for organizational fees. Any amounts you paid for start up expenses or organization fees which exceed these amounts must be amortized over a period of 15 years.
If this was helpful please press the Accept button. Positive feedback is also appreciated.
Thank you terry