If you started a business or plan to start a business, you should be aware of how the cost before you begin operating affects your taxes.
Start-up costs can include surveys of markets, business purchase investigation costs, training wages for employees, travel, and professional services & consulting.
All pre-opening costs must be capitalized and expensed equally over 180-month (15 years).
If your start-up expenses are below $50,000 you can take up to a $5,000 deduction in the first year of business.
Start-up costs are different from organizational costs.
As always our tax plan for business owners or investors bundles this knowledge and MUCH more into account to create your individualized tax plan to be used for YEARS. Feel free to text, email, or call us to see how a tax plan could benefit you.