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Hi there, so I’m wondering how I should report start up costs for my business, I need to buy a computer and a camera which, in total, will be less that $5,000.
Yes , you can deduct these expenses as startup cost
Start-up costs include:
Yes, you can. The startup cost will create a loss which will eventually offset income from other sources. the maximum you can deduct for start up to $5k
You may elect to deduct up to $5,000 of start-up costs in the year your business begins operations. The $5,000 first-year deduction limit is reduced by the amount of start-up costs exceeding $50,000. Start-up costs that exceed the first-year limit of $5,000 may be amortized ratably over 15 years
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