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Write off your business startup expenses
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Tax Tip
Apr 21, 2008, 3:45:32 PM4/21/08
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Business start-up expenses are generally capital expenditures, but you
can elect to deduct up to $5K of business start-up costs on your tax
return. If your total startup cost exceeds $50K , the $5K deduction is
reduced by the amount exceeding $50K. The remaining portion must be
amortized. Keep in mind that certain expenses must be amortized over 5
years, including legal expenses and expenses for setting up a business
structure (LLC, etc...)
can elect to deduct up to $5K of business start-up costs on your tax
return. If your total startup cost exceeds $50K , the $5K deduction is
reduced by the amount exceeding $50K. The remaining portion must be
amortized. Keep in mind that certain expenses must be amortized over 5
years, including legal expenses and expenses for setting up a business
structure (LLC, etc...)
Start-up expenses are incurred while creating an active trade or for
investigating the creation of a business or trade. To find out more
about common start-up expenses that you can deduct, take a look at
RealTaxTips.com ( http: www.trexglobal.com ). It=92s a forum for real
estate investors to learn how others are saving money on their real
estate investments, and pick up new tips on saving on taxes.
Niman Singh
Community Relations Director TReXGlobal.com
( http: www.trexglobal.com )
FREE to Use Simple Web Tools for Real Estate Investors
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