A lot of people are starting businesses right now! You may be starting a business, incurring all of the startup costs, but you aren't making money yet. The big question is: can you deduct those startup costs even if you won't be making money until the next calendar year?

 

The good news is, there's a whole section of the tax code related to startup costs. You can deduct up to $5,000 in startup costs AND up to $5,000 in organizational costs! You have to wait until your business starts making money but you get to save these cards for later. We're diving into all of the details!

 

Related episodes:

153. Tax Deductions for Speakers and Authors

155. Finding the Right Advice with Mike Jesowshek, CPA

160. How to Manage a Business with Multiple Owners with Jeremy Wells, CPA, EA

 

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.