How to Write Off New Business Start-up Costs - information from Brookwood Tax Service

This page last updated on
November 27, 2006

Tax Breaks for New Business Start-Up Costs
Deduct up to $5,000 in the first year

Starting a new business? There are many costs associated with the start-up of a business that can be at least partly deducted once your business opens.

To qualify as a start-up cost, the expense must be one that you could deduct if you were already in business. Examples include travel to suppliers, training for your new employees, advertising, utilities, and other pre-opening expenses.

You are allowed to deduct the first $5,000 of expenses you incur in the current year. The remaining start-up expenses are deducted over a period of not less than 180 months (15 years).

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Tax Breaks for New Business Start-Up Costs Deduct up to $5,000 in the first year

Tax Breaks for New Business Start-Up Costs
Deduct up to $5,000 in the first year